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Latin American, Caribbean Markets Struggle With World Economy

A new report says Latin America and the Caribbean will feel the impact of the global economic slowdown in lower demand for commodities and less money sent home by family members working elsewhere.

The report was released Monday at this year's meeting in Mexico City of the U.N. Economic Commission for Latin America and the Caribbean.

Meanwhile, Argentine private pension funds resumed trading Monday after a three-day break triggered by President Cristina Fernandez de Kirchner's decision to nationalize the funds. The nation's Merval index dropped nearly six percent to close at 840.

Bloomberg reports Brazil's Bovespa index dropped below 30,000 on Monday for the first time in three years, due to uncertainty over credit markets and lessened demand for commodities. The Bovespa closed at 29,435.

Mexico's Bolsa index closed down, at 16,869, as it announced a financial stability plan that could increase its foreign debt by up to $5 billion.

Some information for this report was provided by AFP, AP and Reuters.