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Poor Industrial Output Hurts Brazil's Market |
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Written by Paul Davee
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Thursday, 10 November 2005 |
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Latin American markets were mixed to lower, with Brazilian shares slumping on disappointing industrial output data. Meanwhile, encouraging inflation figures helped to lift Mexican issues into the black.
Brazil's Bovespa Index dropped points 304.53, or 0.98%. Mexico's benchmark Bolsa Index rose 50.47 points, or 0.32%, while Argentina's Merval Index fell 23.16 points, or 1.43%.
Brazilian stocks dropped amid a mixed batch of earnings news and a disappointing report on industrial production. On the economic front, the Brazilian Census Bureau reported that Brazil's industrial output fell by 2.0% in September from August, hurt by continued fallout from high interest rates.
Industrial output edged up 0.2% from a year earlier. The data prompted a number of investment banks to lower their 2005 forecasts for Brazil's gross domestic product.
On an up note, the gloomy industrial output figures sparked hopes that Brazil's central bank will cut interest rates more than previously expected in a bid to lift the economy out of a short-term soft patch.
After raising interest rates to a peak of 19.75% in August, the bank embarked on a loosening cycle in September, cutting interest rates by 25 basis points that month and another 50 basis points in October.
In earnings news, petrochemicals firm Braskem reported a 90% drop in third-quarter net profits to 48 million reais, compared with a year ago, as results were hurt by currency appreciation, higher raw materials prices, and lower prices for its products. Net revenue dropped 17% to 2.798 billion reais from 3.362 billion last year.
Electric power utility Eletropaulo Metropolitana de Eletricidade SA posted a third-quarter net loss of 324.1 million reais, much wider than its year-ago net loss 6.4 million reais. Operating expenses surged from last year.
Electric power utility CPFL Energia SA said it swung to a third-quarter net profit of 240 million reais from a year-ago loss of 6.0 million reais, as results were helped by a price hike, reduced debt payments and improved billing. Net revenues rose 20% to 1.96 billion reais.
Also reporting, mining company Caemi Mineração e Metalurgia said its third-quarter net profit more than tripled from a year ago to 601.7 million reais, helped by a jump in iron ore prices and higher sales volumes.
Elsewhere, Mexican shares climbed, as investors were emboldened by slight gains in the U.S. market and upbeat local inflation data. The Bank of Mexico said the consumer price index rose 0.25% in October, down sharply from September's rate of 0.69%. As a result, annual inflation has fallen to an all-time low of 3.05% from 3.51% at the end of September. Economists had expected October inflation of 0.28%.
Argentine stocks sank, extending recent losses, as some encouraging financial results failed to boost investors' optimism about the third-quarter earnings season. Seamless steel tube maker Tenaris said its third-quarter net profit surged 136% from a year earlier on strong demand for its products from the oil and gas sector. Net sales jumped 63% on the year.
Meanwhile, Grupo Financiero Galicia said it swung to a third-quarter net profit of 26.5 million pesos from a loss of 33.3 million pesos last year. However, earnings were down on a sequential basis. 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.