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Latam assets muted, to end week lower on virus worries

07/10/2020 | 10:57am

* Stocks and currencies indexes set for weekly declines
* U.S. record rise in COVID-19 cases chokes risk appetite
* Petrobras up as Mubadala set for talks to buy Bahia
refinery

By Shreyashi Sanyal
July 10 (Reuters) - Most stocks and currencies in Latin
America were set to end the week with declines on Friday, on
concerns over a record rise in coronavirus infections in the
United States.
MSCI's index for Latin American stocks fell
0.3%, while its currencies counterpart shed
0.4%. Both indexes tracked weekly falls, with investors showing
more exposure to safe-haven assets, including gold and the
Japanese yen.
More than 60,500 new coronavirus infections reported across
the United States on Thursday, a single-day record rise, weighed
further on markets' mood.
Rising coronavirus cases sparked worries of tighter
containment measures, which could delay the ongoing economic
recovery. Latam markets have rebounded sharply from a meltdown
in March, but surging cases, political issues, concerns over
sovereign debt and deteriorating economic fundamentals have
weighed.
The Mexican peso was flat against the dollar, with
data showing a 1.8% decline in industrial output in May from
April and down 30.7% year-over-year.
"May's release suggests that Mexico's economy has probably
suffered one of the largest peak-to-trough falls in output in
the emerging world," said Nikhil Sanghani, assistant economist
at Capital Economics.
"What's more, its (Mexico) recovery has been delayed and is
likely to be weaker than in other emerging markets where the
virus is under control."
In Brazil, inflation as measured by the IPCA consumer price
index rose 0.26% in June over May, picking up after the
deflation reported in the previous month. The real was
largely flat, while Sao Paulo stocks eked out gains.

State-owned oil company Petrobras rose 0.5% after
it said Abu Dhabi's investment fund, Mubadala Investment Co
, will enter into exclusive talks to purchase Brazil's
second-largest refinery.
Chile's peso fell as prices of its main export,
copper, slipped on worries over a sharp rise in virus infections
that shadowed optimism over resurgent demand in top consumer
China.
In Venezuela, the congress on Thursday said it hired two
U.S. firms to manage $80 million seized from President Nicolas
Maduro's government after Washington disavowed it and recognized
opposition leader Juan Guaido as the country's legitimate
president.
Key Latin American stock indexes and currencies;

Stock indexes Latest Daily % change
MSCI Emerging 1067.68 -1.11
Markets
MSCI LatAm 1964.88 -0.29


Brazil Bovespa 99338.62 0.18

Mexico IPC 36678.81 -0.32

Chile IPSA 4014.28 -0.44

Argentina MerVal 42747.55 0.588

Colombia COLCAP 1142.59 -0.04


Currencies Latest Daily % change
Brazil real 5.3393 0.04

Mexico peso 22.6035 0.10

Chile peso 788.9 -0.11

Colombia peso 3608.19 0.16

Peru sol 3.5068 -0.20

Argentina peso 70.9300 -0.07
(interbank)

Argentina peso 123 3.25
(parallel)



(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Dan
Grebler)


© Reuters 2020
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