Brazil and Argentina continue their Carnival holidays, so their markets are closed. However, we can observe declines in their ADRs on a negative day for global markets.
The celebrations in Brazil and Argentina also coincide with the Chinese New Year. Chinese markets have been closed since Friday and will resume activity tomorrow.
The same will happen with the Latin American markets.
Carnival holidays in Argentina and Brazil are popular festivities celebrated in both countries, often with a significant impact on economic and social activity. It generally is a public holiday that includes two days of the week and the weekend.
www.fxleaders.com