EMERGING MARKETS-Colombia peso sinks for 2nd day; miners support Brazil bourse
RIO DE JANEIRO, Jan 6 (Reuters) - The Colombian peso sold off for a second consecutive day on Tuesday as oil prices fell further, although other Latin American currencies moved up as markets recovered part of recent losses. In Brazil, shares of mining and steel companies drove the benchmark Bovespa index higher while the real erased early losses to gain 0.4 percent, in a move largely seen by analysts as a technical rebound. The real and the Mexican peso are "correcting from previous weakness," analysts with 4Cast consultancy wrote in a note to clients. "Sustained gains will depend on U.S. ADP data tomorrow," they added, referring to private-sector jobs data that could help U.S. policymakers determine the future of U.S. interest rates. Mexico's peso rose 0.5 percent. Both the Mexican and the Brazilian currencies had weakened around 0.5 percent in the previous session. The Colombian peso plunged more than 1 percent, however, as investors expect the local economy to suffer with falling prices of oil, the country's main export product. Global oil prices slid for a fourth consecutive session on Tuesday but iron ore prices recovered in China as bad weather in Australia, the world's biggest producing nation, threatened to disrupt shipments. Shares of Brazilian miners and steel makers rose as a result. Vale SA, the world's largest iron ore producer, jumped 3 percent while steel maker Gerdau SA gained 2.8 percent. Key Latin American stock indexes and currencies at 1720 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging 932.58 -0.86 -1.63 Markets MSCI LatAm 2565.21 0.31 -6.25 Brazil Bovespa 47508.6 -0.02 -5.00 Mexico IPC 40903.24 -0.48 -5.20 Chile IPSA 3786.49 -0.3 -1.67 Chile IGPA 18608.45 -0.25 -1.39 Argentina MerVal 8007.53 -1.43 -6.66 Colombia IGBC 10823.19 -0.35 -6.97 Peru IGRA 14635.97 0.65 -1.07 Venezuela IBC 3980.76 1.13 3.16 Currencies daily % YTD % change change Latest Brazil real 2.6984 0.36 -1.52 Mexico peso 14.877 0.50 -0.89 Chile peso 616.25 0.08 -1.60 Colombia peso 2455.09 -1.05 -2.73 Peru sol 2.984 0.10 -0.17 Argentina peso 8.5700 -0.06 -0.23 (interbank) Argentina peso 13.7 0.36 2.19 (parallel) (Reporting by Walter Brandimarte; Editing by Meredith Mazzilli)
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