The Latin American markets are mixed in late trading today, with
Brazil's Ibovespa index enjoying a modest rebound today following
yesterday' drubbing for global equities while the Merval Buenos
Aires Index tracking Argentine stocks is down for the fourth time
in five sessions.
Mexican stocks also are mostly lower, although maybe paring
As expected, Brazil's central bank late yesterday raised its
benchmark Selic lending rate by 25 basis points to 7.5%, beginning
what most believe with will be a new rate hike cycle as the country
looks to keep a lid on inflation.
"The committee judged that the high level of inflation and the
dispersion of price increases, among other factors, contributed to
resilience in inflation and required a monetary policy response,"
the central bank said in a note.
"On the other hand, the committee considers that internal and,
principally, external uncertainties surround the prospective
scenario for inflation and recommends that monetary policy be
administered with caution."
Here's where the regional markets stand today:
- Ibovespa was up 259.61. Now up 298.6 (+0.6%) to 53,180.6.
- IPC (Mexico City) was down 338.75. Now down 316.2 (-0.7%) to
- Santiago Index IPSA up 23.9 (+0.66%) to 4,266.01.
- Merval Buenos Aires down 23.4 (-0.77%) to 3,398.75.
In individual company news, ADS of Compania de Minas
Buenaventura SA (
) are up 3.6% at near $21 apiece - taking it further away from near
a year low $20.19 - with the Peruvian gold and silver miner saying
that contractors working at its Uchucchacua mine began a strike
yesterday in a bid to increase their pay.
According to the company, the Peruvian Ministry of Labor has
denied the proceeding of the strike at this time. It also said that
annual negotiations between the company and the contractors' union
closed in January.
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