Wednesday, August 6, 2008

Disappear for 12 days and things go a bit crazy... falling Metals drag down LATAM financials --

Latin American stock markets plunged Monday, led by a slide in Brazilian and Mexican equities as prices for resources sparked a broad sell-off and growing fears about the performance of the US economy. Brazil and Mexico markets fell to their lowest level in seven and six months, while in Argentina the Merval ended at a two year record low.

In Sao Paulo, the Bovespa dropped 3.5% to 55,609.07, its third consecutive decline. Shares of the market's heaviest-weighted stock, oil giant Petrobras tumbled 4.7%. Something similar happened with Companhia Vale do Rio Doce, the world’s leading iron ore mining giant which slid 7.2%.

Click here to access the full article from Merco Press

More comprehensive updates and analysis of past weeks events and where things may be heading to come. Need to play catch up with the world after 12 days in Brazil, with limited net, tv and media I could read (my Portuguese is not the greatest)