The Latin American markets are lower today. Noticeably, the Ibovespa index of Brazilian stocks has dropped back in to negative as global economic concerns weigh. But positive economic data out of China has been supportive.
China's economy gained traction in October, with industrial output rising 9.6% year over year, coupled with a 20.7% rise in fixed asset investment. China is Brazil's No. 1 trading partner and purchaser of Latin American commodities.
Here's where the regional markets stand today:
- Ibovespa was up 535.21 (+0.93%). Now down 85.35 to around 57,440.
- IPC (Mexico City) down 117.30 (-0.3%) to 40,713.
- Santiago Index IPSA down 14.27 (-0.34%) to 4,236.
- Merval Buenos Aires down 14.95 (-0.62%) to 2,386.89
In company news, ADRs of Braskem SA ( BAK ), Latin America's largest
petrochemical company, are down about 3% at $13.64 each after CEO Carlos Fadigas said during a Friday conference call he expects demand for plastic resins to fall about 8% in Q4 from the prior three months.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
