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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (31407)	3/20/2008 10:12:18 AM
From: Elroy Jetson	Read Replies (2) \| Respond to of 218697

Brazil Shares Plunge as Brazilian Economy Decouples from Prosperity . March 19 (Bloomberg) -- Brazil's main stock index fell, led by Petroleo Brasileiro SA and Cia. Energetica de Sao Paulo, after oil prices plunged and concern intensified that Cesp's share auction may not attract bidders to the utility later this month. Petroleo Brasileiro, or Petrobras as Brazil's state- controlled oil company is known, led commodity producers lower after oil prices lost more than $3 a barrel on a slowing U.S. economy. Cesp declined the most in seven months on a report its controlling shareholder may sell shares in a secondary offering if plans to privatize the Sao Paulo utility fail next week. ``It's just the general sentiment and concern about commodity prices,'' said Bernardo Lobao, a metals and mining analyst at ARX Capital Management in Rio de Janeiro. The Bovespa index of most-traded shares on the Sao Paulo exchange erased earlier gains, falling 748.49, or 1.2 percent, to 61,184.29 at 10:17 a.m. New York time. Mexico's Bolsa Index slipped 0.2 percent and Chile's Ipsa index was little changed. Petrobras slumped 2.7 percent to 72.94 reais. Oil prices plunged on forecasts that the Energy Department report today will show U.S. inventories rose as the world's biggest economy slowed. Cia. Vale do Rio Doce, the largest iron ore and nickel miner, slid 3.6 percent to 55 reais as prices of metals such as copper and nickel fell. The U.S. Federal Reserve yesterday cut its main lending rate by three-quarters of a percentage point to 2.25 percent, less than some analysts expected. Copper and nickel, which fluctuate with prospects for the economy, fell on speculation demand will slow for the metals. Cesp, which is scheduled to be sold to investors on March 26, had the biggest decline in the Bovespa, dropping 8.2 percent to 41.30 reais. Valor Economico newspaper said Sao Paulo State Governor Jose Serra may offer up to 78 million shares of combined voting and non-voting stock of Cesp if no bidders show up for the company's March 26 privatization auction. Serra won't call off or delay the auction, the report said. .