EMERGING MARKETS-Falling oil prices hit Brazil Petrobras, Venezuela bonds

miércoles 10 de diciembre de 2014 11:28 GYT

By Walter Brandimarte
    RIO DE JANEIRO, Dec 10 (Reuters) - Shares of Brazil's
state-run oil company Petrobras fell for a third straight
session on Wednesday, dragging down the country's benchmark
Bovespa index, while Venezuelan bond prices hit a record low as
oil prices slid further.
    Commodity exporters in general were under pressure as oil,
already trading around five-year lows, was forecast to drop more
next year. 
    While lower oil prices are expected to help global economic
growth in 2015, countries that rely on crude exports to fund
increased government spending are vulnerable, ratings firm
Moody's said in a report.
    "Oil exporters that are big spenders, most heavily reliant
on oil revenue and with the lowest capacity to make necessary
policy adjustments would be most negatively affected," Moody's
chief economist, Lucio Vinhas de Souza, wrote in the report.
    He cited Venezuela and Russia among the countries most
vulnerable to lower oil prices. Mexico, he added, is expected to
be more resilient, given the limited exposure to oil in its
external accounts and its conservative budget policy.
    Venezuela's benchmark global bond due in 2027 
tumbled more than $3 in price to $45.31, driving its yield to an
all-time high of 22.33 percent.
    In Brazil, the Bovespa index lost 1.3 percent as
shares of Petroleo Brasileiro SA, as the oil company
is formally known, slumped 3.8 percent to a nine-year low.
    Petrobras has been under increased pressure from a growing
corruption scandal that has forced a delay in the release of 
third-quarter earnings. This week, investors filed a
class-action lawsuit against the company in a U.S. court,
arguing the value of its assets was inflated under the
corruption scheme. 
    Mexico's benchmark IPC stock index dropped 0.5
percent, dragged lower by shares of America Movil. 
    Key Latin American stock indexes and currencies at 1510 GMT:
 Stock indexes                   daily %    YTD %
                                  change   change
 MSCI Emerging           960.77    -0.48    -3.72
 MSCI LatAm             2743.06    -1.36   -13.12
 Brazil Bovespa        49521.75    -1.34    -3.85
 Mexico IPC            42121.63    -0.51    -1.42
 Chile IPSA             3904.48    -0.17     5.55
 Chile IGPA            19113.19    -0.12     4.86
 Argentina MerVal       8784.42    -1.17    62.95
 Colombia IGBC         11321.09    -1.48   -13.39
 Peru IGRA             14935.56     0.69    -5.19
 Venezuela IBC          3473.02     8.65    26.91
 Currencies                      daily %    YTD %
                                  change   change
 Brazil real             2.5945     0.12    -9.16
 Mexico peso             14.475    -0.38    -9.98
 Chile peso               615.8    -0.33   -14.57
 Colombia peso          2383.34    -1.55   -18.94
 Peru sol                 2.962    -0.20    -5.71
 Argentina peso          8.5475     0.06   -24.04
 Argentina peso           12.75     0.39   -21.57

 (Reporting by Walter Brandimarte; Editing by Jeffrey Benkoe)