News Update: Latin American Shares Drop On Worries Global Economy Is Stalling

Latin American stocks eased, with Brazil's Bovespa falling for a fifth straight session on fears the global recovery remains on very fragile ground. In the United States, July durable goods orders rose a less-than-expected 0.3% and new home sales plunged to an all-time low in July. In Europe, Ireland saw its credit rating cut one step by Standard & Poor's to AA-, the lowest since 1995, on concern the rising cost of supporting the country's struggling banks will swell the budget deficit. In Mexico, the unemployment rate rose to 5.7% in July after shrinking the two previous months. Fears that the global recovery is stalling pressured commodity prices, which hurt shares of commodity producers in Latin America. The Bovespa was last down 1.31% at 64,304.19 and Mexico's IPC down 0.77% at 31,123.23.