So who is this Latin American finance blog that FT Alphaville quotes nowadays?
Bovespa down 5.5% and Merval down 6.5%. Let’s be clear here; everything is getting murdered today (Dow 3% down and dropping, S&P down 3.4% and dropping etc) so why should the major LatAm indices be any different? The drops in both the BVSP and the MERV are across the board, with perhaps the oil and steel plays worst off.
Talking of Steel, Vale (RIO) down 8% at $11.86. I howled with laughter at this silly report in BNAmericas this morning that has Chinese steelmakers picking up the world slack and forcing prices upwards. These people should familiarize themselves with the concept of the dead cat bounce.
But there’s no escape today, not even for the virtuous. DMM.to down 4.9% at $4.47, JAG down 9.7% at U$5.27, FVI.v down 10.5% at $0.93 and there are plenty more good juniors and explorers that are being sold in the panic. Yep, it’s a panic.
I like it when they panic.