Latin American markets are mostly lower in late Friday trading, tracing declines in the U.S. markets after Congressional leaders left for their holiday break without meaningful progress on new tax and spending plans. Declines are broad-based, with shares of financial, energy and mining all falling today.
In economic news, Brazil's jobless rate fell more than expected in November, dropping to 4.9% from 5.3% the prior month, government data showed on Friday. It was the second-lowest rate ever recorded in Brazil, up just 0.2% from the all-time low set last December.
Here's where the regional markets stand today:
- Ibovespa was down 508.68. Now down 562.90 (-0.9%) to 60,701.6.
- IPC (Mexico City) now up 100 points (+0.2%) to near 43,740.
- Santiago Index IPSA was down 11.88. Now down 7.5 (-0.2%) to 3,700.
- Merval Buenos Aires down 86.2 (-3%) to 2,773.90.
In company news, ADRs of Peru will help Southern Copper Corp. ( SCCO ) is down about 1.1% from near 52 week highs this afternoon despite reports the Peru government plans to help the mining firm by accelerating projects currently stalled by community protests.
The government will set up community consultation groups as it assesses the environmental impact of SCCO's Tia Maria project next year, Energy & Mines Minister Jorge Merino reportedly told local newspapers, according to Bloomberg.
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