Latin American markets are mostly higher today - led by a 1%
rise for Mexico's IPC index- and joining a global rally for
equities. Some rising commodity prices are boosting the export
outlook for the region. However, the Argentina market is lower.
This may stem from negative investment sentiment with Bloomberg
reporting last week that banks there may further restrict the
ability of customers to withdraw cash while overeas.
Mexican home-builders are broadly higher, rebounding from sharp
decline last week. They, along with telecom and broadcasting firms,
are pacing today's gains for IPC stocks.
Here's where the regional markets stand today:
- Ibovespa was up 161.37 a short while ago. Now 247.2 (+0.4%) to
- IPC (Mexico City) edging higher, now up 413.12 (+1%) to
- Santiago Index IPSA was up 7.89. Now up 2.39 (+0.1%) to
- Merval Buenos Aires was down 52.22. Now down 69.8 (-2%) to
In some positive news for individual Argentina stocks, ADRs of
state-owned energy company YPF SA (
) are up about 0.6% to above $14 apiece, despite yesterday losing a
potential multimillion-dollar arbitration case over suspended
natural-gas exports to Brazil.
Plaintiffs reportedly are seeking more than $1 billion in
compensation after YPF began curtailing gas exports nearly 10 years
ago, according to a Reuters report. At the time, YPF was controlled
by Spanish oil major Repsol prior to the Argentine government last
year seizing that stake.
"This ruling only determines the responsibility of the parties,"
YPF said in a statement provided to the Buenos Aires stock exchange
late yesterday. "The determination of whatever damages that might
exist is subject to a new arbitration process before the same
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