Latin American Markets Posting Small Gains But Brazil Index Slides After World Bank Cuts 2013 Growth Prospects

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Latin American markets are mostly higher in late trading Wednesday although the Brazilian Ibovespa is down after the World Bank trimmed its view for global growth during 2013. It should be noted the Brazilian market has recovered a significant amount of its losses in recent minutes.

The World Bank said it sees global domestic product rising 2.4% this year, up from 2.3% growth in 2012 and down from its prior forecast projecting as much as 3.0% growth in 2013. Advanced economies are seen having the weakest growth, spilling over into developing markets by lowering demand for raw goods.

Here's where the regional markets stand today:

- Ibovespa was down 366.55 a little while ago. Now down around 288 (-0.5%) to 61,439.5.

- IPC (Mexico City) was up 79.01. Now Up around 60 (+0.1%) to near 44,810.

- Santiago Index IPSA was up 5.48. Now up 9.5 (+0.3%) to 3,849.7.

- Merval Buenos Aires up 26.67 (+0.9%) to 3,110.

In company news, aircraft manufacturer Embraer SA ( ERJ ) is slightly lower, with U.S.-listed shares slipping about 0.7% to just above $28 each. This comes as Zacks Equity Research late yesterday downgraded the stock to Underperform, citing its loss of a major contract with Delta Airlines two months ago.



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This article appears in: Investing , Commodities

Referenced Stocks: ERJ

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