Brazil, Mexico Shares Fall as Subprime, Housing Fears Revive; Peru Rises

(Bloomberg) -- Stocks in Brazil and Mexico erased
rallies and fell after investors sold riskier assets on renewed
concern that losses on U.S. mortgages will curb earnings growth.

Mexico's Bolsa index declined 241.02, or 0.8 percent, to
30659.66, dragged down by America Movil SAB, Latin America's
largest mobile-phone company. Brazil's Bovespa slipped for the
third time in four days, led by state-controlled oil company
Petroleo Brasileiro SA.


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SABIC buys into $1.5 bln Mauritania iron project

(Reuters) - Saudi Basic Industries Corp. (SABIC), the Gulf's largest steel producer, said on Monday it agreed to take a 35 percent stake in a 5.6 billion riyal iron ore project in Mauritania.

SABIC's share of the project to produce iron ore pellets is costing $262 million, it said in a statement on the Saudi stock exchange Web site.


Read more at Reuters Africa

Saudi Basic to borrow up to $9 bln, mostly in U.S.

(Reuters) - "We will start in the next month," Mutlaq al-Morished,
SABIC's chief financial officer, told Reuters on Wednesday.




"We will raise it through a mix of bonds, bank loans, and
institutional loans, mostly in the United States, because that
is the deepest market," he said.


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Mexico's Bolsa Has Weekly Decline on Tax Proposal; Cemex, Televisa Slide

(Bloomberg) -- Mexico's main stock index fell for the
second week in three, led by Cemex SAB, on concern President Felipe
Calderon's proposed tax bill will reduce company profits.

The benchmark Bolsa index slid 0.6 percent today to 31,642.26,
for a weekly loss of 1.5 percent. Cemex, North America's largest
cement producer, was also hurt by concern that the U.S. housing
slump will hurt its earnings.


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Copper Rises in New York on Concern Chile, Mexico Strikes May Cut Supplies

(Bloomberg) -- Copper futures rose in New York,
after declining for four previous sessions, on speculation that
miners will strike in Chile, the largest source of the metal,
and in Mexico.

Workers at projects operated by Codelco, the world's
biggest producer, and at Chile's Collahuasi mine have threatened
to strike during wage negotiations. Workers at six operations
owned by Grupo Mexico SAB, the world's seventh-largest copper
producer, plan to strike starting June 15.


Read more at Bloomberg Commodities News

Peruvian Stocks Rebound, Gaining Most in 13 Years: World's Biggest Mover

(Bloomberg) -- Peru's main stock index rose the most in
more than 13 years as investors bet a selloff left some shares
cheap, given the prospect for profits driven by increased consumer
spending and high commodity prices.

The Lima General Index climbed 1537.42, or 8.3 percent, to
20,081.24, as of 3:05 p.m. New York time, its steepest gain since
November 1993 and the biggest move among global benchmarks.
Mexico's stock index rose to a record for a second day, led by
copper miner Grupo Mexico SAB and cement-maker Cemex SAB.


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