Latin America Markets Mostly Higher Today In Global Run-Up for Equities; But Argentina Bucking Trends, Lower

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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 56,643.18.

- IPC (Mexico City) edging higher, now up 413.12 (+1%) to 40,557.77.

- Santiago Index IPSA was up 7.89. Now up 2.39 (+0.1%) to 4,173.6.

- Merval Buenos Aires was down 52.22. Now down 69.8 (-2%) to 3,461.08.

In some positive news for individual Argentina stocks, ADRs of state-owned energy company YPF SA ( YPF ) 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 tribunal."



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: YPF

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