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.



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: GGB , GOL , ITUB , PBR

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