The Latin American markets are mixed this afternoon with mining
and energy stocks consolidating recent gains while financial shares
are largely drifting.
In economic news, Refined copper exports from Brazil tumbled for
a second month during August, according to data from the Brazilian
Ministry of Development, Industry and Foreign Trade. The small
quantity of finished copper went to buyers in Angola, the ministry
said. It was the second month in a row for a steep decline for
Brazilian copper exports.
Ore shipments also fell last month, sliding 18% to 44,206 tons
of copper ore. Export revenue totaled $89.2 million in August as
shipment volume to China retreated and purchases from Spain and
South Korea dried up, according to the government agency.
Aluminium exports in August decreased 8.3% year over year to
47,162 tons, although for the year to date, exports are up 2% with
332,491 tons leaving the country this year. Aluminum revenues were
$87.8 million, down 31.5% from last year.
Here's where the regional markets stand this afternoon:
- Ibovespa up 334.37 (+0.55%) to 62,449.84.
- IPC (Mexico City) down 216.1(-0.5%) to 40,478.
- Santiago Index IPSA up 33.23 (+0.79%) to 4,218.00
- Merval Buenos Aires down 48.3 (-1.9%) to 2,4915.48.
In company news, Cemex (
) ADRs are up about 0.7% and nearer to year highs this afternoon
after the Mexico cement-maker said it has completed a $7.2 billion
reworking of its debt, pushing back maturities by up to four
The new agreement includes a debt swap, a $1 billion prepayment
in March 2013, some asset sales, and revised financial covenants.
Overall, creditors will receive about $6.16 billion in a
combination of new loans and new dollar private placement notes,
plus $500 million of new, high-yield notes due in 2018, CX said in
a press release.