LATIN AMERICAN MARKETS: Chile Falls 3% After Stronger-than-expected Inflation Report
Thursday July 3rd, 2008 / 22h10
By Carla Mozee Latin American stocks fell Thursday, led by a more than 3% drop in Chilean stocks after a jump in consumer prices strengthened the prospect that the central bank will raise its key interest rate. Chile's blue-chip IPSA index fell 2.9% to 2,758.83, its lowest close since March 11. Decliners included Banco Santander Chile (SAN), down 3.3%. Steelmaker CAP dropped 8.3% and electricity producer Enersis (ENI) lost 2%. Equities fell after the government consumer prices in June rose 1.5%, surpassing the general market consensus of 1% to 1.2%, said Alfredo Coutino, senior Latin American economist at Moody'sEconomy.com. The consumer price index came in at 1.2% in May. The reading pulled the annualized inflation rate to 9.5%, more than triple Chile's inflation target of 3%. "The central bank sent the signal yesterday that they were ready to re-tighten monetary conditions. So the market was expecting something high for inflation, but not that high," he said. The report arrived a week ahead of the central bank's meeting on interest rates. Policymakers unexpectedly lifted its benchmark rate to 6.75% last month in a bid to slow inflationary pressures which have been fueled by a surge in international oil and food prices as well as rising domestic demand. In Sao Paulo, the Bovespa fell 3% to 59,273.38, with Gol Linhas Aereas Inteligentes (GOL) and TAM SA (TAM) posting respective declines of 8.5% and 6.5%. Petrobras (PBR), the state-run oil giant, fell 4.3% and Vale (RIO) fell 2.4%. In Mexico City, the IPC fell 0.8% to 28,465.55. Retailer Wal-Mart de Mexico (WMMVY) shed 0.8% while brewer Grupo Modelo climbed 1.4%. Mobile-services provider America Movil (AMX) slipped 0.3%.
La Bourse de Paris a tenté un rebond à l'ouverture vendredi, est repassée dans le rouge dix minutes après, pour revenir en territoire positif. Dans le sillage de l'indice...
Les valeurs américaines s'inscrivent toujours en fort recul jeudi avec la publication de mauvais chiffres hebdomadaires de l'emploi et les inquiétudes concernant...
La Bourse de Tokyo a fini en hausse de 2,70% vendredi, se retournant après la mi-journée grâce à des rachats de découverts motivés par l'attente d'un redressement de Wall...
L'euro se replie face au dollar, et le billet vert perd du terrain face au yen après la publication de l'indice américain des prix à la production, qui a...
Le baril de brut léger américain a clôturé jeudi sur le marché Nymex en baisse de 7,46%, sous les 50 dollars le baril, la chute des Bourses ne faisant qu'alimenter la crainte...
