Latin American Markets: Stocks hit hard by global financial crisis

Stocks, currencies hit as financial crisis spreads LOS ANGELES (MarketWatch) -- A global rout in equities, including Brazil's 15% intraday slide, left Latin America's benchmarks at multiyear lows and the nerves of investors frayed at the end of trading Monday, with the sell-off blamed on the deepening global financial crisis. Investors, "banks and funds [that] are forced to repatriate capital in the face of significant credit and liquidity stresses in their home markets" fueled Monday's fall and have, in part, contributed overall recent weakness in the region, said Nick Chamie, head of emerging markets research at RBC Capital Markets. Mexico's IPC index dropped 5.4% to 21,749.13, its lowest finish since Oct. 3, 2006. Argentina's Merval sank 5.9% to 1,423.35 for its worst close since June 2006. Chile's IPSA fell 6% to... [read full story]