EMERGING MARKETS-Brazil real weakens to 10-year low on intervention uncertainty

martes 3 de marzo de 2015 17:27 GYT
 

RIO DE JANEIRO, March 3 (Reuters) - The Brazilian real
closed at its weakest level in more than 10 years on Tuesday on
concern about the country's deteriorating economic fundamentals
and uncertainty about the future of a central bank currency
intervention program.
    The real has slid about 2 percent since the central
bank signaled on Friday that it would reduce the rollover pace
of expiring currency swaps, derivatives that provide investors
with hedge against currency losses. 
    The move added uncertainty about the future of the central
bank's currency intervention program, which is scheduled to
continue at least until the end of March.
    That leaves the real even more vulnerable to risks such as a
sharp deterioration in economic fundamentals and the spillover
of a growing corruption scandal at state-run oil company
Petrobras.
    "Brazil's economic and political situation is creating a lot
of uncertainty among local and foreign investors," said Joao
Paulo de Gracia Correa, a trader with Correparti brokerage in
Brazil. 
    Petrobras' shares closed 2.1 percent higher, however, after
the oil company more than doubled the amount of money it plans
to raise through asset sales. 
    A source with direct knowledge of Petrobras' plan told
Reuters that the company will focus on selling minority stakes
as it seeks to retain control of its oil fields, power plants
and utilities. 
    Petrobras' shares boosted Brazil's benchmark Bovespa index
, which closed 0.6 percent higher. 
    In the opposite direction, Mexico's IPC stock index 
dropped 0.6 percent in its third consecutive session of losses
on investor caution ahead of key U.S. economic data later in the
week.  

    Key Latin American currencies and stock indexes at 2110 GMT
    
 Stock indexes                   daily %    YTD %
                        Latest    change   change
 MSCI Emerging           985.83    -0.25     3.34
 Markets                                  
 MSCI LatAm             2592.25    -0.86    -4.14
                                          
 Brazil Bovespa         51304.1     0.56     2.59
                                          
 Mexico IPC            43600.37    -0.64     1.05
                                          
 Chile IPSA             3966.17     0.64     2.99
                                          
 Chile IGPA             19297.1     0.57     2.26
                                          
 Argentina MerVal      9682.109     1.11    12.86
                                          
 Colombia IGBC          10129.6    -1.61   -12.94
                                          
 Peru IGRA             13374.89    -0.34    -9.59
                                          
 Venezuela IBC          3751.39     0.49    -2.78
                                          
                                                 
 Currencies                      daily %    YTD %
                                  change   change
                         Latest           
 Brazil real             2.9260    -1.09    -9.18
                                          
 Mexico peso            14.9955     0.13    -1.68
                                          
 Chile peso                 617    -0.04    -1.72
                                          
 Colombia peso           2553.4    -0.73    -6.48
                                          
 Peru sol                 3.091     0.06    -3.62
                                          
 Argentina peso          8.7375    -0.06    -2.15
 (interbank)                              
                                          
 Argentina peso           12.88     1.01     8.70
 (parallel)                               
                                          
 
    

 (Reporting by Bruno Federowski and Walter Brandimarte; Editing
by Cynthia Osterman)