Brazil, Mexico markets fall, energy boosts Toronto
Brazilian stocks declined Friday, pulled down by a steeper-than-expected decline in U.S. industrial production, a fall in Brazilian retail sales and a growing aversion to risk among investors.
The benchmark Ibovespa index fell 0.4% to 29,772.
The announcement of a 1.3% drop in U.S. September industrial production, compared with a consensus estimate for a 0.4% decrease, dragged Brazilian share prices lower.
The stock market also had to digest a decline in Brazilian retail sales in August, down a seasonally adjusted 0.4% from July, according to data Friday from the Brazilian Census Bureau, or IBGE. It was the first decline in sales volumes in the past six months.
The Ibovespa also suffered from a growing aversion among investors to exposure to emerging market risks, which prompted them to pull funds out of Brazil.
More: investors.com
Brazil, Mexico's Indexes Fall on U.S. Inflation: Latin Stocks
Brazil and Mexican benchmark stock indexes fell as higher-than-expected inflation in the U.S. raised concern interest rates may keep rising, reducing inflows to emerging markets.
Brazil's Bovespa index of the 57 most-traded stocks in the Sao Paulo stock exchange fell 514.20, or 1.7, to 29,727.41 at 2:13 p.m. New York time. The drop was led by state-controlled oil company Petroleo Brasileiro SA. In Mexico, the Bolsa fell 158.93, or 1 percent, to 15,123.80, led by America Movil, Latin America's largest wireless telephone company.
``Inflation there raises fears of lower growth and
Most markets close lower; Mexico gains
Most major markets in Latin America finished lower Tuesday, following the Wall Street trend of interest rate concerns overshadowing some strong earnings and a pullback in oil prices.
But Mexicos IPC index closed a fifth straight session at an all-time high at 20,360.61, up 161.90 points or 0.8%.
Stocks in Mexico rose as investors anticipated the flurry of first-quarter earnings reports this week and after a poll showed former Energy Minister Felipe Calderon leading former Mexico City Mayor Andres Lopez Obrador in the presidential race, according to media reports.
In Brazil, the benchmark Bovespa index
Canada flat; Mexico, Brazil retreat
After a strong surge to open 2006, stocks in the Americas cooled down on Thursday. Shares in Canada were little changed, while Brazil and Mexico posted small retreats.
Toronto stocks closed flat, as a surge in techs cushioned downward pressure on the oil and gold groups.
The S&P/TSX Composite Index rose 6.20 points, or 0.05%, to 11507.68. But declines beat advances 791 to 671. The S&P/TSX 60 Index closed up 0.56 points, or 0.09%, to 648.99.
Only two of Toronto's 10 sector indexes fell, one of which was the heavily-weighted energy sector.
Oil stocks retreated, mirroring the price of crude,
Brazil, Mexico Stocks End Down
Mexico and Brazil stocks slid Wednesday, pulled down by weakness in U.S. equities.
Traders said a late-session dip in the Dow Jones industrial average prompted some selling in Latin American markets.
The Dow lost 1.20 points, or 0.01 percent, to 11,102.51 after rising a total of 230 points the first two days this week.
Brazils benchmark Ibovespa stocks index ended 0.24 percent lower at 36,681 points in thin volume.
More : chron.com
Stocks up in Mexico, Chile, down in Brazil, Argentina
Mexican stocks posted a broad rally on modest trading activity Friday to reach yet another record close.
The market's key IPC index closed up 128.93 points, or 0.8 percent, to 16,879.36. Volume totaled 61.1 million shares traded worth 1.06 billion pesos ($100 million).
The IPC last hit a record close on Tuesday, when it finished the session at 16,866.84.
Also Friday, in a widely expected move, the Bank of Mexico said it would allow the overnight rate to fall as much as 25 basis points, which puts the current floor at 8.75 percent. Short-term
World Cup boosts Mexicos Modelo net profit
No. 1 Mexican brewer Modelo, the maker of top U.S. import beer Corona, posted a 4.8 percent rise in second quarter net profit on solid growth in foreign and domestic sales, aided by the World Cup.
Modelo (GMODELOC.MX: Quote, Profile, Research) said on Friday its April-June net was 2.603 billion pesos ($230 million), in line with expectations, as sales rose 9.7 percent to 15.101 billion pesos. ($1 = 11.3070 pesos at end June)
Source : today.reuters.com
Canada, Mexico Mull Daylight-Saving Plan
Canadians and Mexicans are considering whether to follow U.S. plans to extend daylight-saving time after Congress passed a bill Friday to expand the spring-forward-fall-back scheme by a month.
The energy bill, expected to be signed by President Bush next week, is touted to save energy by expanding daylight-saving time by adding three weeks in the spring and a week in the fall, taking it up to Halloween.
The change is not slated to go into effect until 2007. But officials in Canada worry about being out of sync with U.S. time for airlines, manufacturers, the financial
Mexico Bolsa Falls on Shift to Brazil, Yields: Latin Stocks
Mexican stocks fell for a second day, led by America Movil SA, as investors sold Mexican stocks to increase positions in Brazil after Fitch raised the South American country's debt outlook.
The Bolsa index of the most-traded stocks in Mexico City fell 346.41, or 2.2 percent, to 15,098.96 at 1:15 p.m. New York time. Elsewhere, Argentina's Merval fell 37.44, or 2.3 percent, to 1606.52.
Mexican stocks extended their decline today after Fitch Ratings yesterday revised the outlook on Brazil's debt to ``positive'' from ``stable.'' Fitch rates Brazil BB-, three levels below
Mexico's Fox announces new energy policies
Mexican President Vicente Fox on Monday announced a series of measures designed to keep energy costs down for millions of Mexicans and increase the country's energy independence.
The measures include limiting price increases on gas and electricity and reforms to allow more private investment in exploration and production of natural gas.
World energy prices have soared amid the effects of Hurricane Katrina, and Fox said Katrina not only threatened to cause significant increases in energy prices, but also could affect supplies to Mexico.
More: businessweek.com
Mexico's Telmex boosts fund to buy back shares
Dominant Mexican fixed-line telephone company Telmex, controlled by billionaire Carlos Slim, said on Wednesday it will set aside an additional $930 million to buy back its lagging shares.
Telmex (TELMEXL.MX: Quote, Profile, Research) (TMX.N: Quote, Profile, Research), once one of Mexico's main technology players but now weighed down by competition from cheap mobile service providers, said the plan would be presented to shareholders for approval at a Nov. 28 meeting.
Hurt by tighter profit margins in its fixed-line and long-distance businesses, Telmex's stock has risen about 5 percent so far in 2005, way
