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
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 (
) are up 0.4% in afternoon trading while Cresud Sociedad Anonima (
), 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
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