Cencosud SA dollar bonds fell to a two-week low after JPMorgan Chase & Co. lowered the debt of Latin America’s third-largest retailer to hold, saying a downgrade to junk would force some funds to sell.
Ecopetrol SA won authorization from Colombia’s Finance Ministry to sell as much as $2 billion in overseas bonds by 2016 as the state-controlled oil producer seeks funding for exploration and production.
Coffee futures dropped the most in more than three weeks as a forecast for showers boosted prospects for crops damaged by the worst drought in decades in Brazil, the world’s biggest grower and exporter.
The Ibovespa fell the most among major stock gauges in the Americas as exporters including iron- ore producer Vale SA tumbled after data showed a decline in a measure of new credit in China, Brazil’s top trading partner.
Writing off groceries as a corporate expense, a common practice among Chile’s wealthy, will get harder as the government moves to clamp down on tax avoidance to raise revenue needed to pay for social programs.