EMERGING MARKETS-Brazil stocks up on impeachment push, Mexico's peso dips

jueves 3 de diciembre de 2015 20:23 GYT
 

SAO PAULO, Dec 3 (Reuters) - Brazilian stocks on Thursday
posted their biggest gain in a month the day after lawmakers in
Latin America's largest economy started impeachment proceedings
against President Dilma Rousseff.
    But Mexico's stock index and peso were both down nearly 1
percent on expectations the U.S. Federal Reserve will raise
interest rates later this month.
    Brazil's stock exchange jumped 3.29 percent after
the head of the lower house of Congress accepted a request on
Wednesday to start the proceedings against Rousseff.
    Investors bet that a change in government could help the
country overcome what is likely to be its longest recession
since the 1930s.  
    Many analysts warned, however, that political wrangling
could delay the government's efforts to balance its fiscal
accounts, sparking a downgrade of the country's debt into junk
status by a second rating agency.
    "The initial reading is that economic policy would change
and that change would be for the best," said Luiz Monteiro, a
partner at Queluz Asset Management in Rio de Janeiro. "But we
have to assess how this situation will develop. How will rating
agencies behave in this environment? Will long-term investors
wait to see if the economy gets better?"
    Yields paid on short-term interest rates futures contracts
in Brazil rose slightly as traders bet the country's central
bank would raise benchmark rates next month. Policymakers said
in the minutes of the bank's last rate-setting meeting they
would take the necessary measures to bring inflation back to the
official target in 2017. 
    Latin American currencies seesawed on Thursday after the
European Central Bank announced a new round of monetary
stimulus.
    The ECB cut deposit rates even deeper into negative
territory and extended its asset-buying program. High-yielding
emerging market assets tend to benefit from the move, but some
traders had expected more aggressive measures. 
    The Mexican peso fell 0.9 percent to 16.711 pesos per
U.S. dollar, while the Chilean peso advanced 0.4
percent to 701.13 per greenback.
    Latin American stock indexes and currencies at 2300 GMT:
    
 Latin American market                              
 prices from Reuters                         
                                             
 Stock indexes                      daily %    YTD %
                                     change   change
                         Latest              
 MSCI Emerging Markets      819.25    -0.31   -14.33
                                             
 MSCI LatAm                1964.37     2.01   -27.98
                                             
 Brazil Bovespa          46393.261     3.29    -7.23
                                91           
 Mexico IPC                43027.3     -0.9    -0.27
                                             
 Chile IPSA                3605.11        0    -6.38
                                             
 Chile IGPA               17807.01    -0.01    -5.64
                                             
 Argentina MerVal         12919.56     1.68    50.59
                                             
 Colombia IGBC             8133.56    -1.07   -30.09
                                             
 Venezuela IBC            12879.93      0.1   233.79
                                             
                                                    
 

 (Reporting by Bruno Federowski in Sao Paolo and Miguel Angel
Gutierrez in Mexico City; Editing by Peter Cooney)