EMERGING MARKETS-Latin American stocks boosted by Alcoa results
* Electric utilities rebound as policymakers meet * Brazil Bovespa gains 0.74 pct, Mexico IPC up 0.65 pct By Danielle Assalve and Gabriel Stargardter SAO PAULO/MEXICO CITY, Jan 9 (Reuters) - Latin American stocks rose on Wednesday, tracking global markets after early earnings reports in the United States pointed to improving global demand for commodities. Alcoa, the largest aluminum producer in the United States, opened earnings season with pleasing results, and although investors remain wary before policy meetings of the European and British central banks on Thursday, Alcoa's results boosted global equities. Brazil's Bovespa index ended the day up 0.74 percent at 61,578.58 points, tracking leading U.S. indices. The Dow Jones industrial average was up 0.46 percent, the Standard & Poor's 500 Index gained 0.29 percent and the Nasdaq Composite Index, was up 0.50 percent. Retailers led Mexico's IPC index to a record high, while Chile's bourse rose 0.49 percent. Brazil's Bovespa is recovering from a recent tumble after a hot, dry summer reduced water levels at hydroelectric dams, sparking fears of an energy crisis that would dent the country's fragile economic recovery. The index has lost 3.5 percent since concerns first surfaced last week, and although Wednesday's Bovespa rise eased fears somewhat, investors still sounded a note of caution with domestic results and continued doubts about U.S. debt negotiations still outstanding. "Investors are going to show a little caution when they start to learn how Brazilian companies fared in the fourth quarter and the question of the U.S. debt ceiling returns with force," said Joao Luiz Piccioni, an analyst at Petra Asset in Sao Paulo. An index of Brazilian electric utility shares rebounded on Wednesday, rising 2.44 percent, after notching its worst daily loss in nearly four months in the previous session on concerns that low water levels in reservoirs could lead to energy rationing. State-owned oil producer Petrobras rose 0.92 percent. The company is profiting from high demand for power from its thermoelectric plants as water has disappeared from its hydroelectric reservoirs, Chief Executive Maria das Graças Foster said on Wednesday. Preferred shares of iron-ore producer Vale rose 0.5 percent. China, Vale's best customer, reports trade data on Thursday. Mexico's IPC index rose for the fourth session in five, gaining 0.65 percent to 44,862.54 and reaching a record high. The index has now risen 2.6 percent in January. Retailers led gains in the IPC, with Wal-Mart de Mexico up 1.03 percent and bottler Femsa advancing 1.25 percent. Chile's IPSA index was up 0.49 percent at 4,427.39 points. Latin America's key stock indexes at 2103 GMT: Stock indexes Pct change Latest MSCI LatAm 3,909.15 0.95 Brazil Bovespa 61,578.58 0.74 Mexico IPC 44,862.54 0.65 Chile IPSA 4,427.39 0.49 Chile IGPA 21,620.07 0.47 Argentina MerVal 3,071.83 1.78 Colombia IGBC 14,817.55 1.28 Peru IGRA 21,588.08 0.2 Venezuela IBC 474,003.41 0.15
- Special Report: Thailand secretly supplies Myanmar refugees to trafficking rings |
- UPDATE 2-China bars banks from bitcoin transactions
- Obama says he's not allowed iPhone for 'security reasons'
- Ford launches new global Mustang to buoy brand, boost margins
- The 10 Most Corrupt and Least Corrupt Countries in the World