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• MS 71% Rate It
• PBR 75% Rate It

Latin American markets are mixed, with the primary gauge for Brazilian stocks up nearly 1% this afternoon while its counterpart in Mexico is down, taking a breather following an extended run last week.

Chilean stocks also are slightly higher, enjoying a moderate boost helped along by gains among copper miners, which are rising after weak economic data out of China this weekend fueled speculation Beijing will take moves to stimulate its economy, eventually resulting in increased demand for the industrial metal.

Here's where the regional markets stand this afternoon:

- Ibovespa up 560.5 (+0.96%) to 58,881.76.

- IPC (Mexico City) down 168.47 (-0.42%) to 39,875.

- Santiago Index IPSA up 4.35 (+0.10%) to 4,170.50.

- Merval Buenos Aires down 14.94 (-0.63%) to 2,367.02.

In company news, Petroleo Brasileiro SA ( PBR ) reportedly is seeking a joint-venture partner to invest as much as $4 billion into the company's deepwater drilling operations in the U.S. Gulf of Mexico, people familiar with the matter told the Wall Street Journal. PBR ADRs are down about 1.7% today.

The Brazilian state-owned oil company has hired Morgan Stanley ( MS ) to seek out potential partners for the assets, the people said, adding MS has begun sending out preliminary financial information to prospective buyers, including foreign and U.S. oil companies. The company has provided few details on which assets it plans to sell.

PBR is looking to sell as much as 50% of its Gulf operations, valued at roughly $8 billion, in a deal allowing it to maintain control, the people said. The asset sales are part of a previously announced plan by PBR to raise about $14.8 billion to fund its five-year investment plan.

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