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Brazilian stocks retreated, extending recent losses, on continued worries about rising U.S. inflation and interest rates. Argentine shares were further pressured by disappointing local economic data.
Brazil's Bovespa Index dropped 483.53 points, or 1.26%. Mexico's benchmark Bolsa Index fell 44.84 points, or 0.22%, while Argentina's Merval Index lost 29.78 points, or 1.77%. Brazilian stocks continued to sink still concerned about U.S. inflation and interest rates following data showing a bigger-than-expected rise in U.S. consumer prices in April. Investors fear that recent signs of inflationary pressure will lead the U.S. Federal Reserve to continue its tightening cycle longer than expected, potentially diverting investment flows away from emerging markets like Brazil. Closer to home, the Fipe research foundation reported that consumer prices in São Paulo city gained 0.08% in the four weeks ended May 15. That was the same increase seen in the four weeks ended May 7. On the corporate front, CVRD said it reached an agreement on 2006 iron ore price contracts with South Korean steel maker Posco. Posco agreed to a 19% hike in iron ore fines and a 3.0% decline in iron ore pellet prices. That followed similar agreements with other steelmakers in recent days. Elsewhere, Mexican shares dipped, as investors continued to fret over the U.S. inflation and interest-rate outlooks. Helping to limit losses, however, a Mexican retailers association, Antad, said sales at its member establishments surged 19.2% in April. Same-store sales rose 9.1% from April 2005. In other news, engineering and construction firm Empresas ICA won a US$ 105 million contract to upgrade and maintain a highway between Queretaro and Irapuato in central Mexico, the Communications and Transport Ministry said. Argentine issues dropped amid lackluster local economic data. The national statistics agency (INDEC) said its index of economic activity for March inched up 0.1% from February and rose 7.7% from March 2005. The year-over-year result was well below economists' forecasts of 8.6%. Meanwhile, INDEC confirmed that Argentina's first-quarter unemployment rate was 11.4%, up sharply from 10.1% in the fourth quarter. Thomson Financial - 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. 
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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. 
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