Latin American Stocks Mostly Lower as Eurozone Debt, Chinese Growth Top Worries
Latin American markets are mostly lower although the Mexican IPC index has been holding on to gains today. Declines are spread across most sectors, with financial stocks falling amid renewed concerns over the European economy. Comments by an advisor to the Chinese central bank predicting Q3 gross domestic product could come in at 7.4% also sent mining and energy stocks swooning.
Here's where the major regional market gauges stand today:
- Ibovespa down 1,376.18 (-2.5%) to 52,818.
- IPC (Mexico City) up 91.50 (+0.2%) to 40,840
- Santiago Index IPSA down 42.80 (-1%) to 4,342
- Merval Buenos Aires down 52.07 (-2.1%) to 2,407.3
In company news, U.S.-listed shares of Grupo Aeroportuario del Sureste, SAB de CV ( ASR ) are down about 1.4% this afternoon with the Mexican air carrier reporting a 7.4% increase in Q2 passenger traffic, helping spur strong gains in aeronautical revenues, non-aeronautical revenues and construction services revenues.
Commercial revenues per passenger increased 13.3% to around $5.55 million (Ps.75.05). Earnings before taxes, interest and other items rose nearly 19% to $54.70 million.