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Wall Street Falls, Brazil Follows Behind |
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Written by Paul Davee
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Thursday, 27 October 2005 |
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Latin American markets sank amid concerns that higher interest rates in the U.S. will lure funds away from emerging markets. Upbeat monetary policy news in Brazil failed to lift the Bovespa, while profit takers in Mexico largely ignored some bullish local earnings news.
Brazil's Bovespa Index tumbled 597.45 points, or 2.01%. Mexico's benchmark Bolsa Index dropped 228.59 points, or 1.46%, while Argentina's Merval Index lost 32.11 points, or 1.99%.
Investors in Brazil largely ignored central bank minutes from its last monetary policy meeting in which the bank sees interest rates declining on a "natural" course.
"The uninterrupted convergence of inflation toward the trajectory of targets and the resulting consolidation of a scenario of lasting macroeconomic stability will contribute to the maintenance of the process of a progressive reduction in the perception of macroeconomic risk that has taken place in recent years," the bank said.
"The space for which we observe lower real interest rates in the future will continue to consolidate in a natural manner as a consequence of this improved perception." At its last meeting, the bank lowered the Selic interest rate by 50 basis points to 19%.
Among economic indicators, Brazil's General Price Index rose 0.60% in the month to Oct. 27, up from a 0.53% fall in the month-earlier period. Although the data suggested a pick up in inflation, it was in line with market expectations for growth of 0.55% to 0.85%.
In corporate news, a major investment bank downgraded electric utility firms Copel and Eletrobrás to "neutral" from "buy," citing stock performance.
On the earnings front, Telemar reported third-quarter net profits of 301 million reais, up 89% from a year earlier. The results boosted Brazil's telecom sector.
Steelmaker Companhia Siderúrgica de Tubarão (CST) reported a net profit of 173 million reais in the third quarter, down from 358 million reais a year ago.
Meanwhile, Mexican shares declined as investors took profits following gains earlier in the week on encouraging earnings results.
Reporting late yesterday, major phone firm Telmex posted an 8.7% jump in sales to 41.13 billion pesos, mostly due to the incorporation of a full quarter of Embratel, compared to 37.82 billion pesos a year ago.
Operating profit grew to 12.37 billion pesos from 11.47 billion pesos; although, net profit slipped to 6.83 billion pesos from 6.95 billion pesos due to higher financial costs.
In other corporate news, an influential investment bank cut passenger flow and EBITDA for Asur due to Wilma's destruction to Asur-operated airports in Cancun and Cozumel island. However, the bank kept its "outperform" recommendation on the stock.
Argentine issues followed regional equities lower. Signaling continued economic momentum, the national statistics agency said the construction index rose 17.7% in September from a year earlier and climbed 1.6% on the month.
In earnings, flat steelmaker Acindar posted net profits of 418.1 million pesos for the nine months ended September 30, up from 392 million pesos last year.
Elsewhere in the region, Venezuelan telecom giant CANTV reported yesterday a US$ 203.3 million net loss in the third quarter, due largely to an increase in contingency reserves for a worker pension adjustment. Thomson Financial Corporate Group – www.thomsonfinancial.com
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The small, coastal town of Condé is located just a twenty minute's drive from João Pessoa, the capital of Paraíba. The Northeast of Brazil has historically been a place of encounter and mixing between peoples. For millenia groups of indigenous people fished, farmed, migrated and sometimes fought along this large, fertile area. 
The Brazilian diplo-MÁ-cia (bad diplomacy) carries on its accelerated course towards the non-acknowledgment of human rights, although sometimes it takes pleasure in saying that it does precisely the opposite. The visit of Iran's president, Mahmoud Ahmadinejad, is another example of a diplomatic omission that verges on hypocrisy. 
On July 4, 2006, representatives of Argentina, Brazil, Paraguay and Uruguay met in Caracas to sign the protocol for the entrance of Venezuela into the Southern Common Market (Mercosur). After two and a half years, the protocol was approved by the legislative bodies of Argentina and Uruguay, and as of now it may be only days away from being ratified by the continent's economic megalith, Brazil. 
Some sectors of the fight against AIDS have suggested that Thabo Mbeki, the former president of South Africa, committed genocide through his absence from the fight against the illness in his country throughout his two terms. 
One hundred and eleven years after Brazil abolished slavery, the number of workers deprived of their freedom is still huge. They raise cattle, produce charcoal, sugar cane or timber. Some of them, most undocumented Bolivians, work in basements of small apparel factories in São Paulo and other metropolis. 
On November 7, 2009 a few friends and I had an opportunity to take a look inside a Brazilian jail outside the city of Rio de Janeiro. We were able to take some amateur footage of our experience on video (see link below). It's no surprise, of course, that the typical Brazilian jail lacks some of the functionality of those in North America or Europe, but our experience that day was quite shocking. 
Depletion of the Amazon Rainforest is not a new concern facing environmentalists, biologists, ecologists, and a growing number of the Amazonian indigenous peoples. For decades they have feared for the fate of the world's most biologically diverse and species-rich hothouse. 
Geisy Arruda made history this week in Brazil, but for all the wrong reasons. What began as a poorly planned fashion statement has become a worldwide tale. Geisy decided to wear a pink mini-dress to her private college in São Paulo state, and after that, all hell broke loose. 
The push of vigilante groups in Rio de Janeiro's favelas (shantytowns) in the last three years is the most important and alarming information of the just-released study by the Rio de Janeiro University's Violence Research Center (Nupev-Uerj). 
A dispute over drug trafficking territory in Rio de Janeiro has intensified lately, leaving in its wake unprecedented acts of violence, such as the downing of a police helicopter in the northern zone of the city on October 17. Three policemen died and another two were injured. This event has drawn the attention of the international media, who are raising the issue of public security for the 2016 Olympics to be held in Rio.