Regular Session: Latin American Shares Firm, Brazil Rises as Petrobas Gains Ahead of Share Sale
12:28 PM, Sep 23, 2010 -- Latin American stocks are up, with Brazil getting support from Petrobas (PBR) and economic data.
PBR is up after Reuters reports that demand for PBR's share sale has surpassed the amount on offer, citing two unnamed people familiar with the transaction. The company is expected to disclose the price for the offering today.
Also lending support, Brazil's unemployment rate unexpectedly fell to a record low in August, putting pressure on the central bank to resume interest rate increases in Q111, Bloomberg reports. Unemployment fell to 6.7% from 6.9% in July, the national statistics office said. Economists had forecast unemployment of 7% in a survey of 35 analysts by Bloomberg.
In Mexico, shares are higher after that country's own set of data. Mexico's jobless rate fell more than expected in August and the annual inflation rate slowed in early September.
Let's try this again.. a portion of the article "The state isn’t the only one anxious to grab a bigger piece of Petrobras /quotes/comstock/13*!pbr/quotes/nls/pbr (PBR 35.83, +0.24, +0.67%) . Analysts expect the offer to price between 25 reals and 26 reals (BRL) a share, raising between $68 million and $74 billion in new capital on about 3.75 billion new shares. That’s twice what Japan’s Nippon Telephone & Telegraph Corp. /quotes/comstock/13*!ntt/quotes/nls/ntt (NTT 22.36, +0.02, +0.11%) raked in back in 1987, when its $36.8 billion share offering set the record. Read about Petrobras’ stock offering"..... Can you access that article?