EMERGING MARKETS-Latam markets strengthen on China outlook
SAO PAULO, Sept 9 (Reuters) - Latin American currencies and stocks strengthened on Wednesday after Chinese officials said they would enact policy measures to support economic growth in what is an important market for local raw materials exports. Brazilian assets posted the biggest gains in the region, helping the MSCI Latin American stock index advance for the second straight session. A statement from China's Ministry of Finance on Tuesday said the nation would accelerate major construction projects, bring in private financing, standardize the management of local government debt and reform taxes. Weakening economic growth in China, Brazil's top trade partner, has hammered the price of Latin American commodities such as iron ore, soybeans and copper. That has weighed on the region's currencies, such as Brazil's real , which has lost 30 percent of its value against the dollar in the year to date. The real advanced for the third straight day on Wednesday, gaining nearly 1 percent against the dollar. Other currencies in the region saw smaller gains, with the Chilean and Mexican pesos both up about 0.35 percent. Stock markets were broadly higher. Brazil's Bovespa stock index advanced for the second day led by shares of banks and financial companies. Shares in BM&FBovespa SA jumped after Brazil's sole listed exchange sold part of its stake in partner bourse CME Group Inc to bolster cash. Preferred shares in mining firm Vale SA, which counts China as its biggest customer, advanced 1 percent. Key Latin American stock indexes and currencies at 1519 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 811.66 2.67 -17.33 MSCI LatAm 2013.86 1.03 -26.92 Brazil Bovespa 47223.9466 0.99 -5.57 9 Mexico IPC 43240.05 0.36 0.22 Chile IPSA 3754.48 -0.02 -2.51 Chile IGPA 18350.59 -0.03 -2.75 Argentina MerVal 11236.97 0.53 30.98 Colombia IGBC 9602.42 0.21 -17.47 Venezuela IBC 14779.02 0.05 283.00 Currencies daily % YTD % change change Latest Brazil real 3.7809 0.95 -29.71 Mexico peso 16.764 0.33 -12.05 Chile peso 687.7 0.41 -11.82 Colombia peso 3112 0.02 -23.26 Peru sol 3.2131 0.43 -7.29 Argentina peso 9.3400 -0.05 -8.46 (interbank) Argentina peso 15.53 -0.13 -9.85 (parallel) (Reporting by Asher Levine; Editing by Meredith Mazzilli)
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