Latin American markets are lower amid renewed concerns on the
outlook for the global economy after data today showed the
euro-zone economy declined more during Q4 than analysts were
expecting. Mining stocks are pacing the declines as the European
data may be seen as a warning that demand for Latin America sourced
commodities won't increase in Europe any time soon. This has
overshadowed mostly positive gains among consumer stocks.
Financials are mixed.
Here's where the regional markets stand today:
- Ibovespa down 378.45 (-0.65%) to 58,027.3.
- IPC (Mexico City) was down 93.60. Now down around 100 (-0.2%)
to near 44,000.
- Santiago Index IPSA down 14.12 (-0.35%) to 3,965.5.
- Merval Buenos Aires down 18.14 (-0.55%) to 3,289.7.
Mexico's IPC index is down for a fourth consecutive session
although the losses are being tempered by a 4.5% for shares of
brewer Grupo Modelo S.A.B. de C.V. (GMODELOC.MX) after suitor
Anheuser Busch InBev (
) moved to salvage its $20.1 bln takeover bid, offering to sell
Modelo's Piedras Negras brewery to Constellation Brands (
) in addition to the company's previously announced deal for BUD's
50% stake in Crown Imports.
U.S. regulators sued last week to block BUD's proposed
acquisition of Modelo, saying the deal would stifle competition and
likely lead to rising prices in many American markets. Its $2.9
transaction with STZ also includes perpetual rights to Corona and
other Modelo brands in the U.S.
In other company news, ADRs of Compania de Minas Buenaventura
) are up about 0.5% from near year lows after the gold and silver
miner purchased a number of exploration properties in Peru from
Golden Minerals Company (
) for about $4.8 million. BVN already has paid $3.5 million of the
transaction amount, with the remaining $800,000 conditioned on the
receipt of third party consents by the end of the month. Coupled
with a smaller sale in November, the deal ends AUMN's exploration
activities in Peru. AUMN is down neary 1% and nearer a year low
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