EMERGING MARKETS-Petrobras loses ground after Rousseff remarks, real stable

lunes 22 de diciembre de 2014 11:35 GYT
 

SAO PAULO, Dec 22 (Reuters) - The currencies of Brazil and
Mexico were little changed on Monday as a recovery in the
Russian rouble eased investors' aversion to emerging markets,
while shares of Brazilian state-run oil company Petrobras lost
ground after President Dilma Rousseff stood by the chief
executive of the scandal-hit firm.
    The real has lost more than 3 percent so far this month and
the peso has weakened more than 4 percent, partly because
investors lost confidence in emerging markets in general as
Russia suffered a currency crisis. 
    The real has also been hurt by doubts about the terms of the
central bank's currency intervention program next year.
    "That's the last question that needs an answer this year,"
said Glauber Romano, a currency trader at Intercam brokerage,
referring to the future of the central bank's intervention
program, which provides investors with as much as $200 million
worth of currency hedge per day.
    Central bank chief Alexandre Tombini has said the supply of
currency hedge may be cut to as much as $50 million per day in
2015, but hasn't unveiled a final number yet.
    Meanwhile, shares of Petroleo Brasileiro SA, as
Brazil's oil firm is formally known, gained more than 2 percent
earlier in the session on hopes that Rousseff will make changes
to the company's board to appease investors worried about a
corruption scandal engulfing the company.
    Petrobras' shares trimmed gains to trade 0.4 percent higher
after Rousseff expressed support to chief executive Maria das
Gracas Foster. Rousseff confirmed, however, that she plans to
make changes to the company's board. 
    Shares of Petrobras have tumbled to their lowest level in
nine years earlier this month as an alleged kickback and bribery
scheme in the company forced it to delay the release of its
quarterly earnings.
    Shares of meat processor JBS SA plunged 13
percent, weighing the most on the Bovespa index, on a report
that the company was involved in the same corruption scandal
affecting Petrobras.
    In a statement to the press, JBS "vehemently" denied the
report.
    
    Key Latin American stock indexes and currencies at 1525 GMT:
    
 Stock indexes                   daily %    YTD %
                                  change   change
                      Latest              
 MSCI Emerging           955.89      1.2    -5.79
 Markets                                  
 MSCI LatAm             2705.63    -0.17   -15.32
                                          
 Brazil Bovespa         49336.4    -0.63    -4.21
                                          
 Mexico IPC             42753.1     0.52     0.06
                                          
 Chile IPSA             3801.15    -0.24     2.76
                                          
 Chile IGPA            18656.77    -0.19     2.36
                                          
 Argentina MerVal       8115.46     1.16    50.54
                                          
 Colombia IGBC         11312.87     0.62   -13.45
                                          
 Peru IGRA             14473.12    -0.01    -8.13
                                          
 Venezuela IBC           3802.8        0    38.96
                                          
                                                 
 Currencies                      daily %    YTD %
                                  change   change
                         Latest           
 Brazil real             2.6536     0.11   -11.18
                                          
 Mexico peso            14.5927    -0.09   -10.71
                                          
 Chile peso              609.25     0.17   -13.65
                                          
 Colombia peso          2313.99    -0.83   -16.51
                                          
 Peru sol                 2.974    -0.24    -6.09
                                          
 Argentina peso          8.5500     0.03   -24.06
 (interbank)                              
                                          
 Argentina peso            13.1     0.00   -23.66
 (parallel)                               
                                          
 
 (Reporting by Bruno Federowski and Paula Laier, Writing by
Walter Brandimarte; Editing by W Simon)