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The Latin American markets are lower with declines for energy and financial stocks overwhelming moderate gains among some gold miners today as the precious metal topped $1,700 an ounce in commodities trading today.

In economic news, experts yesterday again reduced their expectations for growth in Brazilian gross domestic product to 1.64% growth, down from a prior forecast of 1.73% last week. It was the fifth time in as many weeks that market analysts and economists have trimmed expectations.

On Friday, the Brazilian Institute of Geography and Statistics reported a lower-than-expected 1.6% rise in Q2 gross domestic product, up from a 0.4% advance during each of the past two quarters.

Here's where the regional markets stand today:

- Ibovespa down 822.14 (-1.44%) to 56,459.31.

- IPC (Mexico City) down 206 (-0.5%) to 39,596.6

- Santiago Index IPSA down 7.95 (-0.19%) to 4,128.32

- Merval Buenos Aires down 36.67 (-1.5%) to 2,365.89.

In company news, American depositary shares of Banco Santander S.A. ( SAN ) are up after the Spanish bank with extensive operations throughout South America announced plans to raise up to 3.4 billion euros ($4.28 billion) by selling as much as a 24.9% stake in its Mexican unit.

In a press release, Spain's largest bank by market value said it will sell the stake in an initial public offering, in which it will value the unit at as much as EUR13.7 billion. The IPO is expected to roll out on Sept. 26, with shares listed on both the New York and Mexico City stock exchanges.

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