Latin American Markets Slide On Trader Worries Over U.S. Debt Limit

By Staff,

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Latin American markets are lower today, matching declines elsewhere globally on trader worries over the standoff between the White House and U.S. Congressional Republicans over raising that nation's $16.4-trillion debt limit.

Here's where the regional markets stand today:

- Ibovespa was down 68.5 points. Now down 104 (-0.2%) to 61,976.8.

- IPC (Mexico City) was down 37 points. Now 60 points lower (-0.1%) to 44,803.

- Santiago Index IPSA down 10.6 (-0.3%) to 3,833.8.

- Merval Buenos Aires was down 22.45. Now down 14.7 (-0.5%) to 3,080.7.

In company news, Petroleo Brasileiro SA ( PBR ) - also known as Petrobras - is up about 1% after a local newspaper reported the Brazilian government may authorize a hike in fuel prices next week, aiding the bottom line of the state-owned energy company.

PBR today also retained GE Oil & Gas ( GE ) to supply turbomachinery equipment and services on four of its new floating production, storage and offloading units off the Brazil coast. The contract is worth over $500 million, GE said.

Also, U.S.-listed shares of Gafisa SA ( GFA ) are up more than 2% at just over $5, earlier advancing about 5% to $5.16 after the homebuilder reported a strong rebound in Q4 sales and housing starts, according to a regulatory filing last night. Unit deliveries rose 43% over year-ago levels to 9,378 units during the quarter, near the top of its guidance and lifting the company to a 20% increase in deliveries for the year. Total sales last year reached $1.29 billion.

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

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

This article appears in: Investing Commodities
Referenced Stocks: GE , GFA , PBR

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