Latin American Markets Mixed; Brazil Index Rising For Second Day After Central Bank Indicates Changes

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Latin American markets are mixed with Brazil's Ibovespa index much higher for a second day while the main gauge for stocks in Mexico is well lower as the trading day in this region comes near to an end.

Brazil's central bank late yesterday signaled it is ready to fight inflation with tigher monetary policies, removing a pledge in its statement to keep rates unchanged at 7.25% for a "prolonged period," now instead saying it "will

monitor the evolution of the macroeconomic scenario until its

next meeting, when it will define the next steps in its monetary

policy strategy."

Here's where the regional markets stand today:

- Ibovespa up 1,090 (+1.9%) to 59,042.5.

- IPC (Mexico City) down 108.35 (-0.25%) to 44,043.

- Santiago Index IPSA down 18.28 (-0.4%) to 4,500.88.

- Merval Buenos Aires up 55.20 (+1.71%) to 3,288.73

In company news, Petroleo Brazileiro SA ( PBR ), also known as Petrobras, is up nearly 6% after a Credit Suisse upgrade today of its American Depository Receipts to Outperform from Neutral. The state-owned energy company late Monday announced a 5% rise in the wholesale price of diesel, Brazil's most used motor fuel.

Also, analysts at Miller Tabak have downgraded Chemical & Mining Co. of Chile Inc. ( SQM ) to Hold from Buy. The company yesterday reported Q4 earnings of $0.54 per share, down from a $0.60 profit in the year-ago quarter and trailing analyst forecasts by $0.05. Revenue climbed 12% year over year to $601 mln, topping estimates.



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

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This article appears in: Investing , Commodities

Referenced Stocks: PBR , SQM

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