Latin American Stocks Struggling in Global Sell-Off; Gold Inching Higher in Likely Refuge Shopping

By Staff,

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The Latin American markets are lower in late Friday trading on weak investor sentiment based on U.S. earnings and European Union leaders failing to discuss further aid for Spain during their two-day summit in Brussels this week.

French President Francois Hollande said leaders didn't discuss additional assistance for Spain, according to a Bloomberg report.

Resource stocks are mostly lower although a handful of gold miners have been showing modest strength in recent trading. Financial stocks also are broadly lower along with shares of technology companies after sector titans Google ( GOOG ) and Miscrosoft ( MSFT ) turned in disappointing earnings yesterday.

Here's where the regional markets stand today:

- Ibovespa down 794.53 (-1.33%) to 58,939.37.

- IPC (Mexico City) down 247.32 (-0.58%) to 42,345.46.

- Santiago Index IPSA down 57.33 (-1.3%) to 4,264.81.

- Merval Buenos Aires down 32.50 (-1.3%) to 2,423.43.

In ADR news, Cemex ( CX ) is down about 2.8% this afternoon with Mexico's top cement maker today disclosing plans to list about 24% of its Cemex Latam Holdings unit on the Colombian stock market as part of efforts to raise cash and ease the company's debtload.

Cemex Latam Holdings, which includes CX's cement and ready-mix assets in Colombia, Panama, Costa Rica, Brazil, Guatemala, Nicaragua and El Salvador, will offer an aggregate of 126.6 million of its common shares, the company said in a statement this morning. The move follows Columbian financial regulators late yesterday signing off on the deal.

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: CX , GOOG , MSFT

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