Yahoo News 
EMERGING MARKETS-Brazil stocks, currency extend losses on corruption woes (JBSS3)
(Updates after market close) By Bruno Federowski SAO PAULO, May 22 (Reuters) - Brazilian markets extended their losses on Monday on fears the country's mushrooming political crisis will derail efforts to pull Latin America's biggest economy out of its worst-ever recession. Currencies and stock indexes across Latin America showed volatile trading amid risk aversion in the region, though Mexico's peso firmed 0.27 percent thanks to higher oil prices. Brazil's real closed 0.59 percent weaker against the dollar, paring even steeper losses earlier, after Brazilian President Michel Temer said he would not heed growing calls for his resignation in a corruption scandal. The scandal has threatened to tear apart Temer's coalition in Congress and leave the country's economy adrift, less than a year after the unpopular conservative was sworn in to replace his impeached leftist predecessor Dilma Rousseff. Brazil's benchmark Bovespa stock index fell 1.54 percent, dragged down by heightened uncertainty and by a 31.34 percent drop in the shares of JBS SA, the world's largest meatpacker. Lawmakers considered on Monday opening a probe into trades by JBS' controlling shareholder. The trades may have insulated some holdings from losses related to bribery allegations. JBS and J&F Investimentos, a sprawling conglomerate led by brothers Joesley and Wesley Batista, have admitted to paying millions in bribes in explosive plea-bargain testimony that has sparked calls for Temer's resignation. MSCI's emerging market benchmark rose 0.88 percent in its steepest daily gain in a month, despite the volatility. Demand for emerging market currencies has flagged in recent weeks amid growing doubts about the implementation of U.S. President Donald Trump's pro-growth agenda. Key Latin American stock indexes and currencies at market close: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1004.40 0.88 15.47 MSCI LatAm 2505.46 -0.49 7.57 Brazil Bovespa 61673.49 -1.54 2.40 Mexico IPC 48943.46 -0.25 7.23 Chile IPSA 4802.90 0.19 15.69 Chile IGPA 24123.68 0.16 16.35 Argentina MerVal 21500.84 -0.52 27.09 Colombia IGBC 10710.48 0.03 5.75 Venezuela IBC 72650.23 1.43 129.14 Currencies daily % YTD % change change Latest Brazil real 3.27763 -0.59 0.87 Mexico peso 18.6620 0.27 10.04 Chile peso 670.5 -0.24 0.03 Colombia peso 2904.95 -0.85 4.00 Peru sol 3.275 -0.31 2.35 Argentina peso (interbank) 16.175 -0.85 -1.89 Argentina peso (parallel) 16.17 -0.68 3.86 (Reporting by Bruno Federowski; Editing by Andrew Hay and Tom Brown)
See Also:
