The Latin American markets are mostly higher today, led by
steady gains among financial stocks despite a credit-ratings
downgrade of Spanish government debt last night. The markets also
appear to be resisting downbeat news out of Japan and China
overnight and instead are taking cues from the North American
markets, which are trading higher following an unexpected drop in
initial unemployment claims. Shares of copper miners, in
particular, are higher today on expectations of an improving U.S.
economy boosting future demand.
Here's where the regional markets stand today:
- Ibovespa up 754.09 (+1.29%) to 59,210.37.
- IPC (Mexico City) up 225.46 (+0.54%) to 41,695.38.
- Santiago Index IPSA up 5.47 (+0.13%) to 4,249.47.
- Merval Buenos Aires up 24.16 (+1%) to 2,411.97.
In ADR news, shares of Brazil's state-led oil company Petrobras
) are up about 1.5% in New York trading after announcing a new
discovery Thursday of light hydrocarbons in a deepwater well in the
The well, drilled on a prospect known as "Farfan," is in the
BM-SEAL-11 block off Brazil's northeastern state of Sergipe. It is
10 kilometers from "Barra 1," where oil was discovered in the same
block on Aug. 22, Reuters reports.
Petrobras owns 60% of the exploration block in one of the
world's most active offshore oil frontiers. Partner IBV Brasil owns
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