EMERGING MARKETS-Latam markets rally on Yellen remarks, Greece

martes 24 de febrero de 2015 15:52 GYT
 

RIO DE JANEIRO, Feb 24 (Reuters) - Latin American financial
markets rose on Tuesday after U.S. Federal Reserve Chair Janet
Yellen brought relief to investors who feared she could hint at
a June interest rate hike, and as Greece secured a four-month
extension of its financial lifeline.
    The Brazilian real jumped 1.6 percent, followed by a
1.2 percent gain in the Mexican peso, after Yellen told
U.S. lawmakers that the Fed is preparing to consider interest
rate hikes "on a meeting-by-meeting basis." 
    That could open the door to an interest rate increase as
early as June, though investors interpreted Yellen's testimony
overall as likely indicating a later date for a rate hike.
Short-term rate futures indicated the market expects the first
increase in September, the same as before Yellen's testimony.
    The later the Fed raises its benchmark interest rate, the
more investors will be compelled to buy higher-yielding assets
in emerging markets.
    Latin American stocks rose 1.3 percent according to a
benchmark MSCI index, on track to close at their
highest level since Jan. 28.
    Prospects for higher U.S. interest rates and fears that
Greece may be forced to leave the euro zone have been among the
main drags on emerging markets recently.
    But Greece also managed to secure four additional months of
financial rescue after sending its creditors a detailed list of
reforms it plans to implement by end of June. 
    "The Greek situation seems to be taking the right
direction," said Reginaldo Galhardo, head of currency trading at
Treviso brokerage in Brazil.
    Also supporting the Brazilian real was a report that the
Brazilian government is working on a plan to save up around 80
billion reais ($28 billion) to meet this year's fiscal goal and
regain investors' trust. 
    Many investors fear a sharp economic deterioration in Brazil
may prevent the government from meeting its primary fiscal
surplus goal of 1.2 percent of gross domestic product this year.
    
    Key Latin American currencies and stock indexes at 1930 GMT
    
 Stock indexes                  daily %    YTD %
                                 change   change
                     Latest              
 MSCI Emerging          989.02     0.56     2.84
 Markets                                 
 MSCI LatAm            2668.64     1.29    -3.41
                                         
 Brazil Bovespa       51730.06     0.88     3.44
                                         
 Mexico IPC            43730.6     0.13     1.36
                                         
 Chile IPSA            4001.56    -0.56     3.91
                                         
 Chile IGPA           19461.07     -0.5     3.13
                                         
 Argentina MerVal     9649.199     1.46    12.47
                                         
 Colombia IGBC        10458.34    -0.76   -10.11
                                         
 Peru IGRA            13474.91     0.11    -8.92
                                         
 Venezuela IBC         3480.46    -0.04    -9.80
                                         
                                                
 Currencies                     daily %    YTD %
                                 change   change
                        Latest           
 Brazil real            2.8319     1.63    -6.16
                                         
 Mexico peso            14.923     1.15    -1.20
                                         
 Chile peso             620.25     0.36    -2.23
                                         
 Colombia peso            2485     0.53    -3.90
                                         
 Peru sol                3.092    -0.03    -3.65
                                         
 Argentina peso         8.7150    -0.06    -1.89
 (interbank)                             
                                         
 Argentina peso           13.1     0.38     6.87
 (parallel)                              
                                         
 
 (Reporting by Walter Brandimarte in Rio de Janeiro and Bruno
Federowski in Sao Paulo; Editing by Diane Craft)