Latin American Markets Lower In Friday Trade As Mid-East Tensions Weigh; Eyes On Telefonica

By Staff,

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The Latin American markets are lower, but mostly off day lows today as rising prospects of an all-out war in the Middle East overshadowed hints of progress by U.S. officials will avoid large spending cuts and tax hikes set to begin early next year.

Here's where the regional markets stand this afternoon:

- Ibovespa has recouped some ground but still down 646.05 (-1.15%) to 55,633.3.

- Ditto for IPC (Mexico City), now down 27.57 (-0.07%) to 40,546.1

- Santiago Index IPSA down 1.66 (-0.04%) to 4,185.4.

- Merval Buenos Aires down 30.94 (-1.3%) to 2,291.3.

In company news, Telefonica ( TEF ) ADRs are down fractionally as the telecom company with operations through Latin America today refuted rumors it will soon sell its stake in Telecom Italia ( TI ) to the Egyptian tycoon Naguib Sawiris.

TI ADRs are down 4.5% today.

During an investor conference hosted by Morgan Stanley, Angel Vila, the TEF chief financial officer said TI did not require additional capital, adding, "We are stable investors in Telecom Italia and we are not considering monetizing the stake in Telco."

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: TEF , TI

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