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Latin America stocks open down

Latin America stocks open down

Latin American stocks declined Monday in early trading, with Mexican equities tumbling hardest on concerns of a world recession.
Mexico's benchmark IPC index fell 4.6 percent to 16,978 in morning trading. Brazil's Ibovespa stock index was down 1.35 percent at 31,056 on Monday morning.
The IPC has lost nearly 50 percent of its value since May and the Ibovespa is down nearly 60 percent.
Low commodity prices and fears that recessions have hit Latin America's main export markets _ Europe and the U.S. _ and spooked investors.
Further souring the mood for investors in Latin America, Asian and European stocks dropped steeply Monday.
Argentina's Merval index dropped 2.8 percent to 865, Chile's IPSA was down 0.2 percent at 2,338.8, and Colombia's IGBC sank 4.9 percent to 6,344.3 in morning trading.
Meanwhile, the region's major currencies showed new resilience against the dollar.
The Mexican peso was trading at 13.2 to the dollar, slightly stronger than on Friday.
Brazil's local currency _ the real _ was unchanged at 2.3 to the dollar.
Mexico has auctioned off more than $10 billion in foreign reserves in recent weeks to bolster a sinking peso, and Brazil last week earmarked $50 billion for defending the real.


Updated : 2020-12-05 05:11 GMT+08:00