Latin American Markets Pointing to Lower Closes; Enthusiasm Over Japanese, Euro-Zone Easy Money Policies Fades


Latin American markets are lower today, moving with global markets after Japan stepped up with an aggressive quantative easing program and European financial officials also pledged to maintain a cheap money policy. This was tempered by an unexpected rise in new jobless claims in the U.S.

Losses for Brazil's Ibovespa index are more pronounced than those for its peers elsewhere throughout the region, with more than two-thirds of its component stocks trading lower today. OGX Petroleo (OGXP3.SA) is posting the steepest decline, falling nearly 5% after the Wall Street Journal reported it is in talks to sell some of its oil fields and exploration blocks, citing a person familiar with the situation.

Here's where the regional markets stand today:

- Ibovespa was down 770.74 a short while ago. Now down 686.54 (-1.2%) to 54,876.2.

- IPC (Mexico City) was down 180.58. Now down 230 (-0.54%) to 43,490.1.

- Santiago Index IPSA down 13.79 (-0.34%) to 4,332.57.

- Merval Buenos Aires down 6.78 (-0.3%) to 3,297.53.

In other individual company news, U.S.-listed shares of Cia Energetica de Minas Gerais ( CIG ) are flat at $11.54 apiece with the Brazilian electricity producer last night reporting a 195% year over year rise in its Q4 earnings to R$2.1 bln ($1.02 bln). On a per-share basis, CIG earned $2.75 per ADR.

Revenue rose 18% over the year-ago period, climbing to R$2.19 bln ($2.47 bln). No analyst estimates are available for comparison.

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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: CIG

MT Newswires

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