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| ©2003 IAB Media, LLC. All rights reserved. |
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| International Market Reports and Breaking News
Mexico's star rises at Americas summit By Michael Molinski, Investing Across Borders For EmergingPortfolios.com The star of Mexican President Vicente Fox shone brightly at April’s 34-nation Summit of the Americas. He emerged as Latin America’s most articulate champion of a Free Trade Area of the Americas and, perhaps more importantly, as a card carrying member of the "three amigos."Some of the shine seemed to rub off on Mexican equity markets. The benchmark Bolsa Index escaped the rout that engulfed most Latin American markets, ending the week of April 20 down only 0.8% as many investors pulled their money out of riskier countries and put it into Mexico. Spanish stocks ride sour news higher
By Eric Uhlfelder, Investing Across Borders During the second week of April, Spain's equity markets performed a bit of alchemy, turning poor macroeconomic data, profit warnings, the lack of an interest rate cut and more uncertainty in Argentina into a nice 3.4% gain. Madrid's benchmark IBEX-35 Index closed April 17 at 9,526, up 2.3% since the beginning of the month. Gains on Wall Street helped. So did mergers and acquisitions activity in the utilities sector. However, there was little else on the domestic front to justify the market's enthusiasm, suggesting the rally may soon run out of steam. Santander buys Brazil's Banespa By Alejandro Alonso, Investing Across Borders For CBS MarketWatch.com SAO PAULO, Brazil - Banco Santander Central Hispano, Spain's biggest bank, won a long-awaited auction for Banco do Estado de Sao Paulo, paying $3.6 billion for Brazil's third largest private bank. Banco Santander shares tumbled after the announcement of the purchase price, which was more than three times that of the next highest bidder. Santander's American Depositary shares closed down 9.87 percent at $8.56. The purchase gives Santander, which was the only foreign bank participating in the auction, a controlling stake in Banespa and 30 percent of the bank's total capital.
Latin stocks gain on IMF package
By Alejandro Alonso, Investing Across Borders For CBS MarketWatch.com BUENOS AIRES, Argentina (CBS.MW) -- Latin American stock markets gained Monday after the Argentine government announced it received a $38 billion emergency credit line led by the International Monetary Fund. Wall Street's belief that the U.S. Federal Reserve will shift to a neutral or even a lower-rate monetary policy also helped boost Latin markets. In Brazil, such hopes enhanced wide-spread expectations that the Brazilian Central Bank may lower interest rates on Wednesday during its monthly monetary policy meeting. As a result, the Bovespa index rose 0.63 percent, more than compensating for Friday's decline.
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