Latin American Stocks Tumbling as Euro-Zone Worries Dominate Markets

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Latin American stocks are broadly lower, led by declines for energy and mining stocks as commodity price plummet today. Crude oil for July delivery fell under $90 a barrel for the first time since November as the U.S. dollar rallied against other currencies with traders swarming greenbacks as a haven from a possible Greek exit from the euro common currency. Fears the euro zone crisis will undermine global growth also has commodities sinking, with iron ore falling to a multi-month low.

Here's where the Latin American markets stand this afternoon:

Ibovespa down 1,893.59 (-3.44%) to 53,145.16

IPC (Mexico City) down 515.27 (-1.37%) to 36,965.92

Santiago Index IPSA down 75.82 (-1.79%) to 4,161.17

Merval Buenos Aires down 21.59 (-0.96%) to 2,217.65

In company news, consumer-staple stocks are showing relative strength in today's selloff, with shares of selected agricultural companies actually posting moderate gains today. U.S.-listed shares of Bunge Ltd ( BG ) are up 0.4% in afternoon trading while Cresud Sociedad Anonima ( CRESY ), a Brazilian commercial farmer producing wheat, corn and other grains as well as beef and milk, is ahead 1%.

Food companies often do well during bearish conditions with many traders believing the firms tend to thrive during slack times because people still buy food regardless of other economic factors.

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
Referenced Symbols: BG , CRESY

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