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Miners Sinking Most Latin American Markets: Argentina Seen Running Current-Account Surplus in Q2

The Latin American markets are mostly lower today with mining stocks dragging on the major indexes with declines in future prices for gold and other metals.

In economic news, Argentina probably ran a current-account surplus during Q2, the result of new trade barriers and seasonal U.S. dollar inflows from farm exports.

Indec, the national statistics agency, is expected to report a $1.44 billion surplus, according to the median estimate in the Central Bank of Argentina's most recent monthly survey of banks, research organizations and universities. The country had a $552 million current account deficit in Q1 and a $1.72 billion surplus during Q2 of 2011.

Indec will release its current account estimate tomorrow at 3 p.m. EDT. The agency also will report Argentina's balance of payments for the quarter.

Here's where the regional markets stand today:

- Ibovespa down 266.69 (-0.43%) to 61,397.

- IPC (Mexico City) down 318 (-0.78%) to 40,640.

- Santiago Index IPSA down 8.05 (-0.19%) to 4,210.

- Merval Buenos Aires now down 0.45 (-0.02%) to 2,493.40

In ADR news, Petroleo Brasileiro SA ( PBR ) reportedly is in talks to sell its 40% stake in the Atlanta and Oliva offshore fields located in the BS-4 block of the Santos Basin, Upstream reported, citing people it didn't identify. The news website didn't identify possible buyers. PBR is up about 1.1% this afternoon.

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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