Latin American Markets Dropping Today; Brazil's Ibovespa Index Slides Into Bear Market

By Staff,

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Latin American markets are broadly lower, with Brazil's Ibovespa index sliding for the fourth time in five days, driving the market gauge 20% below its Jan. 3 high-water mark. Mining and materials stocks, along with shares of consumer companies, are leading today's declines in Sao Paulo trading.

Here's where the regional marekts stand today:

- Ibovespa was down 915.75 a short while ago. Now -1078.5 (-2.1%) to 50,238.

- IPC (Mexico City) was down 334.05. Now -304.85 (-0.75%) to 40,416.5.

- Santiago Index IPSA was down 38.89. Now -25.31 (-0.6%) to 4005.5.

- Merval Buenos Aires down 19.4 (-0.6%) to 3,394.4.

IN ADR news, U.S.-listed shares of LATAM Airlines Group SA ( LFL ) are up about 0.8% from year lows after shareholders of the Chilean carrier approved a $1 bln capital increase this year to fund a major overhaul of its fleet. Overall, the company told attendees at its annual meeting today it expects to spend around $11 bln purchasing 165 new aircraft by 2017, according to a Reuters report.

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: LFL

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