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Latin American Market Sliding on Spain Concerns, Chinese Property Restrictions

Latin American markets are lower today as concerns Spain's debt crisis is getting more dire and the Xinhua News Agency said China will seek to keep a "firm grip" on the real estate market to prevent a rebound in housing prices.

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

- Ibovespa down 981.69 (-1.77%) to 54,364.9609

- IPC (Mexico City) down 15.85 (-0.04%) to 40,736.68

- Santiago Index IPSA down 12.62 (-0.29%) to 4,380.22

- Merval Buenos Aires down 45.65 (-1.82%) to 2,456.89

In company news, shares of Coca-Cola FEMSA ( KOF ) are down about 0.7% after Citigroup initiated coverage on the stock with a Neutral rating.

Elsewhere, U.S.-listed shares of Banco Santander ( SAN ) are off about 7.7% this afternoon, with the Spanish money-center bank with extensive operations throughout Latin America earlier hitting a new 52-week low today at $5.10 each. The stock is getting an extra push lower after CNBC's Jim Cramer last night told investors during his "Mad Money" program they should sell SAN.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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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.

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