Latin American Market Falling After Euro-Zone Data Damps Hopes For Increased Commodity Demand


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Latin America markets are lower today, with new data showing euro-zone services and manufacturing sectors contracted at a faster pace than economists were expecting this month, which is likely to mean there won't be a big increase in demand for commodities from Europe any time soon.

Here's where the regional markets stand today:

- Ibovespa was down 535.22. Now down 496 (-0.9%) to 55,681.4.

- IPC (Mexico City) down 388.11 (-0.88%) to 43,911.45

- Santiago Index IPSA down 46.32 (-1.18%) to 3,871.19

- Merval Buenos Aires down 132.80 (-4.06%) to 3,135.97

Brazil's Ibovespa Index is down for a seventh day in a row, it's longest losing streak in nine months. Included is a 2% drop and year low for Petroleo Brasileiro SA ( PBR ), also known as Petrobras, amid reports the state-owned energy company is set to sell about $400 mln of its assets in Argentina to a local firm, Oil Combustibles, according to Reuters.

Discount airline GOL Linhas ( GOL ) is down about 4% - the largest decline among Ibovespa components - extending its slide to a fourth day after earlier this week reporting a 17.8% reduction in domestic market supply.

U.S.-listed shares of Gerdau SA ( GGB ) are little changed this afternoon, giving back small gains earlier today after the Brazilian steel-maker forecast improving profit in upcoming quarters, helping overshadow Q4 earnings that missed analyst estimates.

In other regional news, Itau Unibanco Holding S.A. ( ITUB ) is down about 1.9% after saying CEO Roberto Egydio Setubal will step down from the bank next year after turning 60 years of age.

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This article appears in: Investing , Commodities
More Headlines for: GGB , GOL , ITUB , PBR

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