EMERGING MARKETS-Colombia peso drops on oil prices; Brazil finmin rallies real
SAO PAULO, Jan 13 (Reuters) - Colombia's peso opened lower on Tuesday as the persistent slump in oil prices weighed on the outlook for the petroleum-exporting nation. Brazil's real strengthened, however, as investors cheered Finance Minister Joaquim Levy's bullish comments about economic growth. Most other currencies were little changed, while equities, as measured by the MSCI Latin American stock index , rebounded 1 percent after a two-day slide. Oil prices fell to their lowest since March 2009 after the United Arab Emirates' energy minister said OPEC will not cut its oil output despite a global supply glut. The steady downward trajectory of oil prices has weighed heavily on Colombia, which gets most of its export revenue from petroleum. The peso reopened after Monday's market holiday to trade about 1 percent lower against the dollar. Brazil's real gained after Levy said any tax increases implemented as part of a push to improve fiscal accounts will have a "minimum impact" on economic activity. The outlook for Brazil's current efforts to improve its fiscal accounts has driven swings in the currency, though many investors are still skeptical it will yield significant results. Brazil's Bovespa stock index rose for the first session in three as shares of lenders and commodities producers rebounded from the previous day's losses. Shares of iron-ore miner Vale SA were up following encouraging trade data from China, its main export market. Key Latin American stock indexes and currencies at 1443 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 961.31 0.6 -0.08 MSCI LatAm 2656.92 0.9 -3.47 Brazil Bovespa 48337.23 0.41 -3.34 Mexico IPC 42128.97 0.83 -2.36 Chile IPSA 3791.47 0.32 -1.54 Chile IGPA 18637.46 0.26 -1.23 Argentina MerVal 8221.439 0.24 -4.17 Colombia IGBC 10890.89 -0.22 -6.39 Peru IGRA 14394.51 0.25 -2.70 Venezuela IBC 3928.7 -0.73 1.81 Currencies daily % YTD % change change Latest Brazil real 2.6455 0.74 0.45 Mexico peso 14.587 0.48 1.08 Chile peso 616.6 -0.22 -1.65 Colombia peso 2443.09 -1.10 -2.25 Peru sol 2.977 0.17 0.07 Argentina peso 8.5925 0.00 -0.49 (interbank) Argentina peso 13.6 0.74 2.94 (parallel) (Reporting by Asher Levine; Editing by Jeffrey Benkoe)
© Thomson Reuters 2017 All rights reserved.