Latin American Stocks Mostly Lower as Lower Oil, Metal Prices Weigh

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Latin American markets are mostly lower this afternoon as temporary enthusiasm over new efforts by European officials to prop up debt-heavy Spanish banks fades out. Lower commodity prices - on the likelihood that demand for commodities isn't going to rise significantly any time soon - are pressuring shares today.

Here's where the major regional market gauges stood:

- Ibovespa was down 832.62 (-1.50%) at 54,561.43

- IPC (Mexico City) up 83.89 (+0.21%) at 40,047.15

- Santiago Index IPSA down 20.33 (-0.46%) at 4,356.29

- Merval Buenos Aires down 41.19 (-1.73%) at 2,342.50

In company news, shares of Itau Unibanco Holding SA ( ITUB ) were down more than 1% this afternoon with the Brazilian money-center bank forming a new joint venture with Banco BMG S.A. to offer payroll debit loans throughout the country.

ITUB will hold a controlling 70% stake of the new partnership, with the partners providing proportional amounts of initial capital totaling $491 million (BRL 1 million). ITUB also will provide up to $147.5 million each month for BMG's payroll debit loan operations. ITUB said it does not expect the new business to have a significant impact on its financial results during the current fiscal year.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: ITUB

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