Latin American Markets Mixed; Brazil Weakening Further, Mexico and Chile Strengthening; Argentina Turns Positive


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The Latin American markets are mixed, with Brazil's Ibovespa down and weakening further in late trade Wednesday. Market gauges for Mexican and Chilean stocks are getting a little stronger while Buenos Aires has turned positive.

Here's where the regional markets stand today:

- Ibovespa was down 678.58. Now down 720 (-1.2%) to 59,686.

- IPC (Mexico City) was up 6.28. Now up 33.7 (+0.1%) to 45,941.

- Santiago Index IPSA was up 3.80. Now 15 higher (+0.4%) to 3,910.3.

- Merval Buenos Aires was down 30.89. Now up 7.9 (+0.2%) to 3,478.

U.S.-listed shares of Petrobras Brasileiro ( PBR ) are down near 5% after the state-owned energy company from Brazil raised the price of gasoline by 6.6% and boosted the price of diesel fuel by 5.4%, effective at midnight today, according to a U.S. regulatory filing this morning. The price hikes were less than many traders were expecting, according to Credit Suisse, leaving PBR's gasoline prices 13% below the international average.

Also, ADRs of Gol Linhas Aereas Inteligentes SA ( GOL ) are down about 3% to near $7.40 each after earlier tumbling to as low as $7.05 as a local news magazine's website reported the government could reallocate slots at Sao Paulo's Congonhas airport and impose a price ceiling on flights from the airport.

Press representatives from Brazil's civil aviation agency confirmed it is reviewing the distribution of slots, but said any changes would first need to go through a public hearing. The agency denied any knowledge of a plan to impose limits on fares, according to Reuters.

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

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This article appears in: Investing , Commodities
More Headlines for: GOL , PBR

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