Latin American Stocks Mostly Higher With Gains By Financial and Material Shares

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The Latin American markets are mostly higher today, led by steady gains among financial stocks despite a credit-ratings downgrade of Spanish government debt last night. The markets also appear to be resisting downbeat news out of Japan and China overnight and instead are taking cues from the North American markets, which are trading higher following an unexpected drop in initial unemployment claims. Shares of copper miners, in particular, are higher today on expectations of an improving U.S. economy boosting future demand.

Here's where the regional markets stand today:

- Ibovespa up 754.09 (+1.29%) to 59,210.37.

- IPC (Mexico City) up 225.46 (+0.54%) to 41,695.38.

- Santiago Index IPSA up 5.47 (+0.13%) to 4,249.47.

- Merval Buenos Aires up 24.16 (+1%) to 2,411.97.

In ADR news, shares of Brazil's state-led oil company Petrobras ( PBR ) are up about 1.5% in New York trading after announcing a new discovery Thursday of light hydrocarbons in a deepwater well in the Sergipe-Alagoas Basin.

The well, drilled on a prospect known as "Farfan," is in the BM-SEAL-11 block off Brazil's northeastern state of Sergipe. It is 10 kilometers from "Barra 1," where oil was discovered in the same block on Aug. 22, Reuters reports.

Petrobras owns 60% of the exploration block in one of the world's most active offshore oil frontiers. Partner IBV Brasil owns the rest.

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) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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