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From "Market Watch":

Equities fell Friday in Mexico and Chile, where investors exhibited caution ahead of next week's U.S. central-bank policy meeting and a raft of reports that should shed more light on the state of the U.S. economy.

Mexico's IPC index fell 1.4% to 27,500, led by a 6.1% drop in shares of cement maker Cemex (CX)
Chile's IPSA also fell, losing 0.8% to 2,651.75. But Argentina's Merval bucked the losing trend to close 0.9% higher at 1,990.46.


Investors have been watching for evidence of a sharp economic slowdown in the U.S. and assessing how that will impact the local business and economic environment.A rebound in global equities this week led more investors to rein in their expectations that the central bank would cut rates by 50 basis points with its Wednesday announcement. The Fed earlier this week made its first intermeeting rate cut since September 2001 in an apparent bid to bring the market and economy back from the brink.

UBS Pactual on Friday lowered its global economic-growth forecast for the year, following the broker's forecast for a recession in the first half of 2008. The broker forecast global real GDP growth at 3.6% in 2008, down from its previous outlook for growth of 4.3%. Such a decline would be "a significant departure from the robust expansion of the past four to five years," said Bruno Pereira at UBS in a note Friday.
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