Latin American markets are mostly lower today, with declines
among energy and financial stocks overtaking smaller gains for
Brazil's benchmark Ibovespa stock index is down over 1% today,
falling below its 125-day simple moving average, a support level
the index has not closed below in over two months.
U.S. listed shares of Petroleo Brasileiro SA (
), also known as Petrobras, have hit 52 week lows and are taking a
big bite out of the Ibovespa index after Jefferies & Co. cut
its rating for the state-controlled oil company to Hold from Buy
while Societe Generale reportedly trimmed its price target for the
Here's where the regional markets stand today:
- Ibovespa was down 629.04. Now down 661.65 (-1.1%) to
- IPC (Mexico City) was down 136.43. Now down 100 (-0.2%) to
- Santiago Index IPSA up 6.07 (+0.15%) to 3,956.8.
- Merval Buenos Aires down 34.75 (-1%) to 3,323.15.
In company news, U.S.-listed shares of YPF SA (
) are up more than 1% today after a group of investors filed suit
against with the Argentina energy company seized by its government
last year contending they were not warned of the risks of
nationalization prior to a March 2011 securities offering.
In a complaint filed late Tuesday, a Michigan pension fund said
YPF and its underwriters - Credit Suisse Group AG (
), Goldman Sachs Group Inc (
) and Morgan Stanley (
) - made false statements and omitted key facts from a prospectus
and other documents for the company's roughly $1.07 billion
offering of about 26.2 million American depositary shares.
Other defendants include YPF executives and directors and
Spain's Repsol SA, which once had a majority stake in YPF. The
Argentina government is not included among the defendants.
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