Thursday, November 17, 2011

Today's Major Market Move: Argentina Equities Down 16% This Month

We're a little over halfway through November and many equity markets don't have much to be thankful for. Out of all the global equity indexes we track, 90% of them are in the red this month. The worst performer is one of the usual suspects, Cyprus, which is down another 29% for November and 75% for the year. The next worst performer, Argentina (down 16%), is in a region that has for the most part avoided collateral damage from the crisis in Europe. In fact Venezuela, thanks to the "Oncological Boom", is up an astounding 74% in 2011 (we last discussed Venezuela here). Here's a list of the worst performing global equity indexes for the month of November:

Click here to go to the live table.

Here's the line chart of the equity indexes of the major South American economies for 2011 (in % terms):

Click here to go to the live chart.

From an equity perspective (and one could argue political as well), Venezuela is on another planet. Peru and Chile are holding their own whereas Argentina and Brazil are showing more weakness. Argentina is quickly approaching the lows of 2011. Peru and Chile both have large mining industries and the relative strength of metals has buoyed their economies. Here's a chart of copper, gold and silver prices for 2011:

Click here to go to the live chart.

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