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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (21175)	7/28/2000 7:52:40 AM
From: Art Baeckel	Read Replies (1) \| Respond to of 22640

Latin America Financial Markets Summary-July 27 Futures World News - July 27, 2000 18:28 Jump to first matched term Jul. 27-MAR-- [B] Latin America Financial Markets Summary-July 27 ARGENTINA: --STOCKS: Argentina's Merval fell 1.17%, or 6.00 points, to 508.64. Weak consumer demand, evident in Wednesday's release of lackluster supermarket sales data, pushed prices lower. Meanwhile, a rise in the U.S. employment cost index rekindled concern about more Fed interest rate hikes and prompted selling here. Telecom fell 3.87% while steel maker Siderca dropped 4.74%. (Closing data .1331) Stock chart: Media://Analytics/Pages:Merval:/cmd=AR;MER[1099ID;60;20]/NVO --INTEREST RATE: Argentine bond prices ended up slightly after analysts concluded that wage increases in the United States were being offset by productivity gains, taking pressure off the Federal Reserve to raise interest rates again this summer. The Bonte 2004 rose 20 basis points to 98.20. Overnight peso and dollar rates declined to 6.60% and 6.45%, respectively. Glimpse tomorrow today: .4340 Argentina news stories from Bridge News Media://NewsSearch::/Source=mar/String=Argentina/newest/Search Argentina news stories from all vendors Media://NewsSearch::/String=Argentina/go/Search BRAZIL --STOCKS: Brazil's benchmark Sao Paulo Bovespa stock index fell 173 points, or 1.01%, to 16,948 amid a domestic fund sell-off brought about by a drop in the Nasdaq index. Traders said the decline in Petrobras shares, which fell 1.78%, as well as a lack of any fresh political news, contributed to the fall in the index. Petrobras faces huge fines due to recent oil spills.(Closing data .1332) Stock chart: Media://Analytics/Pages:Bovespa:/cmd=BR;IBOV[1099ID;60;20]/NVO --INTEREST RATES: August interest rate futures closed at 16.28%, down from 16.32% Wednesday, as the central bank said it expected inflation, as measured by the IPCA index, to be below its 6% year-end target. The revision was contained in the monetary policy committee (COPOM) minutes from last week's meeting, at which the benchmark Selic rate was cut to 16.5% from 17%. --REAL: The Brazilian real broke through resistance at 1.780 per dollar, firming as far as 1.778 per dollar at its high point, owing to a combination of dollar inflows from private corporate issues and the dismantling of long positions by banks. Traders said the real could firm as far as 1.75 per dollar. The real ended at 1.780 per dollar, from 1.788 Wednesday. Real chart: Media://Analytics/Pages:Real:/cmd=XA@?BRL/CH Glimpse tomorrow today: .4341 Brazil news stories from Bridge News Media://NewsSearch::/Source=mar/String=Brazil/newest/Search Brazil news stories from all vendors Media://NewsSearch::/String=Brazil/go/Search CHILE --STOCKS: Chile's IPSA select stock index fell 0.32 point, or 0.33%, closing at 97.42 on Thursday as investors sold Telefonica CTC Chile shares on expectations of negative first-half results. Power firm Endesa slid for a second day as investors dumped their holdings in this firm over negative results for the past 5 quarters.(Closing data .1333) Stock chart: Media://Analytics/Pages:IPSA:/cmd=CL;IPS[1099ID;60;20]/NVO --PESO: Chile's peso firmed to close Thursday at 553.20 per U.S. dollar, from the all-time low close posted Wednesday at 556.00, on heavy interbank dollar sales and some corporate dollar sales. Traders said the unit wasn't weak enough to hold at Wednesday's low, which prompted banks to close long dollar positions taken earlier in the week. Support was seen at 555.35. media://Analytics/Pages:Peso:/cmd=XA@?CLP/CH Additional data: .395 Glimpse tomorrow today: .4337 Chile news stories from Bridge News Media://NewsSearch::/Source=mar/String=Chile/newest/Search Chile news stories from all vendors Media://NewsSearch::/String=Chile/go/Search COLOMBIA --STOCKS: Colombia's Bogota benchmark IBB general index was back in positive territory Thursday, rising 1.91%, or 16.01 points, to close at 852.05. Traders said the IBB was boosted by bargain-hunting. The heaviest-traded stock in the session was brewer Bavaria, up 1.28% to 7,900 pesos. Volume was high at 1.331 billion pesos.(Closing data .1334) Stock chart: Media://Analytics/Pages:IBB:/cmd=CO;IBB[1350MOV3]/NVO --PESO: The Colombian interbank peso rate weakened Thursday for a fourth consecutive session, retreating 0.23%, or 5 pesos, to 2,175 per dollar compared with 2,170 Wednesday. Traders said that the financial sector was demanding dollars to square end-of-the-month obligations. The peso traded in a range of 2,165-2,178.50, with moderate volume of $107 mill ion. Media://Analytics/Pages:Peso:/cmd=XA@?COPTQ/CH Glimpse tomorrow today: .4308 Colombia news stories from Bridge News Media://NewsSearch::/Source=mar/String=Colombia/newest/Search Colombia news stories from all vendors Media://NewsSearch::/String=Colombia/go/Search MEXICO --STOCKS: The IPC closed at 6607.49, down 140.99 points or 2.09%, ahead of a Friday deadline for the U.S. Commerce Department to decide whether or not to challenge telecommunications giant Telefonos de Mexico (Telmex) before the World Trade Organization. The possible U.S. action is on alleged unfair competitive practices.(Closing data .1335) Stock chart: Media://Analytics/Pages:IPC:/cmd=MX;IPC[1099ID;30;9] --INTEREST RATES: Overnight rates fell Thursday on optimism that more near-term interest hikes in the United States won't be necessary. The overnight government rate closed at 11.30% vs. Wednesday's 12.50%. Recent dovish comments by Fed Chairman Alan Greenspan have helped fuel positive sentiment, one trader said. Rates are seen opening at 13.25% Friday and falling during the day. However, rates will end higher than 11.30% on pre-weekend pressure, that trader said. More to follow...