Latin American stocks slip as Brazil output falls

Latin American stocks slip on record decline in Brazil output, US jobless data

SAO PAULO (AP) -- Latin American stocks dipped Friday as news of plunging industrial output in Brazil was balanced by a less-than-expected rise in U.S. unemployment.

Brazil's benchmark Ibovespa stock index fell 0.7 percent to 37,105. The national statistics agency reported a record 17.2 percent drop in industrial output in January as Brazil's cooling economy and tight credit conditions slash demand for cars, chemicals, steel and other products.
Brazil's currency strengthened slightly to trade at 2.37 reals to the U.S. dollar.
Mexico's IPC index lost 1.9 percent to 17,043. The peso strengthened nearly 2 percent to trade at 15.1 to the U.S. dollar, a day after Mexico's central bank vowed to sell $100 million in reserves at market rates every day through June 8 to boost the sagging currency.

Chile's IPSA slipped 1 percent to 2,360, while Argentina's Merval rose 1.1 percent to 965 and Peru's IGBVL gained 0.8 percent to 6,782.
Latin American stocks have been pummeled by the global economic crisis, which has dried up credit and slashed demand for many of the commodity exports on which the region's biggest companies rely. Mexico, which sends 80 percent of its exports to the U.S., has been particularly vulnerable to the recession north of its border.

In the U.S., the Dow Jones Industrial Average rose 0.5 percent to 6,627 in volatile trading, rebounding slightly from its lowest close since April 1997 on Thursday. The Labor Department on Friday said unemployment had reached a 25-year high of 8.1 percent in February as cost-cutting employers slashed 651,000 jobs, slightly fewer than some analysts had expected.
While big investors are still waiting for positive economic news to buy shares, "short" traders are driving the current market, selling borrowed stock to buy it back later in hopes the price will have declined -- ensuring markets stay erratic for the near term, analysts said.


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