Markets
PBR

Latin American Markets Turn South As U.S. Standoff Over Taxes, Spending Hits Snag

Highs and Lows Stock Data

The Latin American markets are mostly lower late Wednesday, losing earlier momentum after President Obama threatened to veto Republican's "Plan B" on how to resolve the ongoing dispute over the introduction of tax cuts while addressing spending cuts. Obama rejected the Plan B basically because it does not do enough to raise taxes on the wealthy.

Here's where the regional markets stand today:

- Ibovespa was up 669.72. Now Up 656.4 (+1.1%) to 61,117.16.

- IPC (Mexico City) was down 153.60. Now down 132.5 (-0.3%) to 43,699.4.

- Santiago Index IPSA down 0.58 (-0.02%) to 3,703.57.

- Merval Buenos Aires was down 23.62. Now down 28.5 (-1%) to 2,842.8.

In company news, Petrobras ( PBR ) ADRs are up about 4% this afternoon with the Brazilian state-owned oil and gas company announcing plans to cut costs by about $15.4 billion between 2013 and 2016 in a bid to limit the impact of falling output and rising debt on its expansion efforts.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

In This Story

PBR

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More