|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||37.15 - 37.44|
|52 Week Range||28.00 - 37.44|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.49%|
International stocks can be intimidating for many investors. When picking a country to focus on that’s outside the U.S., it often is hard to grasp how the local economy works, or identify the very best international stocks in the region that are worth your money.
The International Swaps and Derivatives Association ruled Thursday that Venezuela and its state oil company defaulted on some debt, which will trigger payment on credit default swaps. With late or non-payment ...
Venezuela's bonds were paying yields in excess of 30% as the odds of default mounted, and investors were plucking what they thought would survive for their portfolios. Prices for short and long durations could converge, however, after S&P Global Ratings and Fitch Ratings late Monday declared the cash-starved Venezuelan government is in selective default, based on past-due payments. The announcements came after the Venezuelan government made a last-ditch effort to renegotiate in meetings with bondholders in Caracas Monday.
S&P Global Ratings downgraded Venezuela's foreign currency sovereign credit rating late Monday beyond junk to "selective default" after it failed to make two payments within a grace period. On Monday, bondholders met in Caracas at the invitation of President Nicolas Maduro to discuss restructuring debt issued by the the government and state-owned oil company Petróleos de Venezuela. Also late Monday, Fitch Ratings downgraded long-term foreign and local currency ratings on state-owned oil company Petroleos de Venezuela (PDVSA) to restricted default, and said bondholders' recovery of their investment may be at the low end of the anticipated 31% to 50% range.
The Venezuelan government wants bondholders to come to Caracas Monday to restructure debt as it scrounges for cash. Venezuela seems to have avoided a default this week after Russia said Wednesday that it would restructure $3 billion in loans to Caracas to free up money for payments that are past due.
If Venezuela does not make a $1.12 billion payment that was due Nov. 2 tonight, Tuesday, default may finally happen. "Coupled with the previously missed payments on outstanding sovereign bonds that are currently within their 30-day grace periods, a default event appears highly probable," Fitch Ratings said in a downgrade of Venezuela's Corporacion Electrica Nacional Tuesday. The International Swaps and Derivatives Association will be asked to rule if credit default swaps (CDS), a form of insurance when debt payments aren't made, have been triggered.
It may be time for Brazil’s currency to strengthen and as fears mount for the Mexican peso. The Brazilian real (BRL) has been under pressure, but that could change as the economy improves and investors return. At the same time, the Mexican peso (MXN) could weaken as North American Free Trade Agreement trade talks resume, says emerging markets foreign currency strategist Kiran Kowshik with UniCredit Bank in London.
Fitch Ratings said Venezuela's debt default is probable late Friday, and it downgraded the country's long-term foreign currency debt rating deeper into distressed territory. UPDATED: S&P Global Ratings took similar actions a few hours later Friday in reducing its rating on Venezuela's long-term, foreign-currency sovereign credit to CC from CCC minus. UPDATED: S&P sees a "one-in-two chance that Venezuela defaults within the next three months." Until now, the government had said it intended to make payments.
There's doublespeak from Venezuela on debt default as the nation scrambles to make a payment. President Nicolas Maduro said Thursday that the state-run oil producer Petroleos de Venezuela or Pdvsa would make a final $1.1 billion bond payment Friday, but he also issued another order regarding the country's roughly $120 billion in foreign debt, according to the Associated Press: "I decree a refinancing and a restructuring of all external debt and all of Venezuela's payments," Maduro said in a nationally broadcast address Thursday. Siobhan Morden, head of Latin America Fixed Income Strategy at Nomura Securities, writes that investors should not rule out an accidental default, though she thinks the government can probably make a past-due Electricidad de Caracas (Elecar) interest payment in a grace period that expires Nov. 9.
The final Markit Brazil Manufacturing PMI (Purchasing Managers’ Index) stood at 50.9 in September 2017. It remained unchanged compared to August 2017.
The Brazilian economy (EWZ) (BRZU) has faced a series of problems such as lower economic growth, higher inflation, political uncertainty, and higher unemployment.
According to a report by Markit Economics, the final Brazil manufacturing PMI (purchasing managers’ index) rose to 50.9 in August 2017 as compared to 50 in July.