Brazil's Bovespa Falls, Led by Petrobras, on Tax Bill; TV Azteca Declines

(Bloomberg) -- Brazil's main stock index slid the most
in six weeks, led by state-controlled oil company Petroleo
Brasileiro SA, as the company received a bill for $710 million in
unpaid taxes and oil prices dropped.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 800.03, or 1.4 percent, to 57,236.74 as of 1:20 p.m.
New York time. Petrobras accounted for more than a quarter of the
drop. Mexico's benchmark Bolsa index declined 295.91, or 0.9
percent, to 31,872.52.


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Mexico's Bolsa Falls on Earnings Concern, Led by Cemex: Bancolombia Gains

(Bloomberg) -- Mexico's Bolsa index fell for a second
day on concern that second-quarter earnings reports will show
stocks are overvalued.

The Bolsa declined 248.71, or 0.8 percent, to 32,017.22 as of
1:01 p.m. New York time. Brazil's Bovespa index of most-traded
shares on the Sao Paulo exchange was little changed, rising 47.76,
or 0.1 percent, to 57,422.16.


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Chile Stocks Fall as Economy Slows, Led by Endesa; Vale Gains in Brazil

(Bloomberg) -- Chile's main stock index fell the most
in almost a month on concern that shares have risen faster than
warranted by the country's economic growth.

Chile's Ipsa index of 40 stocks fell a second day, shedding
36.08, or 1 percent, the most since June 7, to 3455.38. Brazil's
Bovespa index rose 0.4 percent, while Mexico's Bolsa index was
little changed.


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Mexico's Bolsa Falls on U.S. Report, Led by Cemex; Cosan Slides in Brazil

(Bloomberg) -- Mexican stocks fell for a fourth day,
led by cement maker Cemex SAB, on concern a slowing U.S. economy
will hurt exports.

The benchmark Bolsa index slid 0.8 percent today to 30,497.88
as of 1:13 p.m. in New York. It is the first four-day decline in
the index since April. Brazil's Bovespa index fell 139.62, or 0.3
percent, to 53.712.06.


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Mexico Bolsa Advances on Tax Plan, Led by America Movil: Chile Ipsa Slips

(Bloomberg) -- Mexico's Bolsa index rose for a fourth
day on expectations that President Felipe Calderon has the support
to pass legislation that will boost tax collection and spur
government spending.

``The fact that there's growing consensus that a fiscal reform
is going to be submitted has investors optimistic,'' said analyst
Mauricio Brocado at Actinver SA in Mexico City, after El Economista
reported Calderon will propose a flat 15 percent tax rate and a 2
percent fee on cash deposits in a bill to be presented this week.


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