The markets around the world have continued the sell-off first initiated with the turmoil in the Middle East and compounded with the recent earthquake in Japan. While the exchange in Egypt has remained closed, Japan’s opened again quickly after the disaster and the toll is being taken. The market there was down 10.55% today, and Germany and France were again lumped into the pain as they lost 3.19% and 2.51%, respectively. Communication from the FED in the U.S. came out today with signs that they believe the economy there is on better footing, thus losses were more muted than the rest of the world, the S&P500 shed 1.12% today.
In Colombia, trading in Pacific Rubiales once again made up the majority of the market, 79% to be exact, as it lost another 5.51% on the day. Misery loves company though, and Pacific got it today as more than 88% of all names traded in Colombia were either flat or down leading the Colcap index lower by 2.35%. After nearly coming back even a few weeks ago, the Colcap is showing losses of nearly 10% on the year.
The peso was weaker against the dollar again today as it depreciated 0.60% to 1,890.30. The peso is down nearly 2% this year, a welcome relief for both the central bank and exporters.
Commodity markets were either in panic mode today as uncertainty reigns and capital looks for safety. Coffee was punished for 7.70%, gold for nearly 2% and oil for 3.64% as of the close.
