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.
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