Latin American Markets Again Sliding, Mexico's IPC Index Falls With Rise in Jobless Rate

By Staff,

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Latin American markets are broadly lower, still pressured by data earlier this week showing a contraction in Chinese manufacturing as well as lingering worries about the U.S. Federal Reserve starting to taper its stimulus programs.

Here's where the regional markets stand today:

- Ibovespa was down 424.46 a short time ago. Now down 419.6 (-0.7%) to 55,930.3.

- IPC (Mexico) was down 312.66. Now down 307.15 (-0.8%) to 40,198.1.

- Santiago Index IPSA down 21.54 (-0.51%) to 4,215.50.

- Merval Buenos Aires down 61.50 (-1.73%) to 3,496.05

The Merval index tracking Argentine equities is down nearly 1.7%, falling for the sixth time in seven session and now erasing all of a 6% one-day rise for the market gauge on May 15. All 13 component companies in Merval index currently are trading lower, including 2.4% declines each for Telecom Argentina SA (TECO2.BA,TEO), the diversified holding company Sociedad Comercial del Plata SA (COME.BA) and the state-owned energy company YPF SA (YPFD.BA,YPF).

Mexico's IPC index is falling for the fourth time in five session after data showed the country's seasonally adjusted jobless rose to a three-month high.

In individual company news, Brazilian energy giant Petroleo Brasiliero ( PBR ), also known as PetroBras, is down about 0.6% after late yesterday saying it continue to do business in Argentina but could sell some assets.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: PBR

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