Latin American markets are mostly lower, including a 3.5%
decline for the Merval index tracking Argentine stocks in their
first trading since last Thursday. But sentiment is brighter in
Brazil with the Ibovespa getting even strong as the trading day
there comes to an end.
Trader sentiment in other areas appears to be most affected by a
smaller-than-expected rise in U.S. hiring in a private survey
conducted by a payroll processing company. The ADP National
Employment Report said private employers added 158,000 jobs last
month, well short of economists' expectations for 200,000 new
A separate report today also showed employment growth pulling
back in the U.S. service sector during March, leading some to scale
back their predictions for the U.S. Labor Deparment's non-farm
payrolls report on Friday.
A 2% rise for shares of Brazilian miner Vale SA (
) is helping keep the Sao Paulo Ibovespa index in the black, with
bargain-hunting a likely factor to VALE's advance following three
days of declines that erased nearly 5% of its value since its March
America Movil (
), the telecommunications giant owned by Carlos Slim, is down
almost 2.5% today, weighing on the IPC index tracking Mexican
stocks, as the Mexican governments continues its efforts to open up
the nation's telecom market to more competition.
AMX ADRs are down 2.5% today and over 21% since early February,
benefitting slightly from a recent spate of bargain-shopping that
lifted the stock from a low under $18.50 a share two weeks ago to
its current range around $20.20.
Here's where the regional markets stand this afternoon:
- Ibovespa was up 262.28 a short while ago. Now up 317.4
(+0.58%) to 55,206.50.
- IPC (Mexico City) down 356.8 (-0.81%) to 43,756.72
- Santiago Index IPSA was down 47.09. Now down 52.45 (-1.2%) to
- Merval Buenos Aires down 107.9 (-3.2%) to 3,272.9.