EMERGING MARKETS-Most Latam stocks down ahead of Yellen speech as commodities drop

miércoles 24 de agosto de 2016 12:09 GYT

By Bruno Federowski
    SAO PAULO, Aug 24 (Reuters) - Most Latin American stock
markets tracked prices of commodities lower on Wednesday as
traders remained on the sidelines ahead of U.S. Federal Reserve
Chair Janet Yellen's speech on Friday.
    Major regional exports including crude, iron ore and copper
slumped on concerns over weak demand, while fresh signs of
global oversupply weighed on oil markets.
    Crude-heavy Mexico's IPC stock index slipped 0.1
percent while the peso  slightly rebounded from
the previous day's losses.
    Both assets had tumbled to two-week lows on Tuesday after
Standard & Poor's lowered its outlook for the Mexican debt
rating to negative from stable. 
    Lower oil prices also pressured shares in Brazil's
state-controlled oil company Petróleo Brasileiro SA 
 as the country's benchmark Bovespa stock index
 slipped 0.2 percent.
    Stocks in Cesp Cia Energética de São Paulo SA,
however, soared after a government body overseeing
privatizations recommended that controlling shareholder São
Paulo state sell a controlling stake in the utility.
    Trading volumes were thin as investors avoided big bets
ahead of Yellen's remarks. Investors will scrutinize her speech
for hints over the timing of a U.S. rate hike after comments by
senior Fed policymakers revived expectations that this could
happen this year.
    Key Latin American stock indexes and currencies at 1600 GMT:
 Stock indexes                                daily %    YTD %
                                               change   change
 MSCI Emerging Markets                897.10    -1.04    14.15
 MSCI LatAm                          2424.17    -1.06     33.9
 Brazil Bovespa                     57970.21    -0.09    33.73
 Mexico IPC                         47604.38    -0.13    10.77
 Chile IPSA                          4157.53    -0.35    12.97
 Chile IGPA                         20573.14    -0.25    13.34
 Argentina MerVal                   15873.49     0.25    35.96
 Colombia IGBC                      10059.64     0.62    17.69
 Venezuela IBC                      11995.63     0.27   -17.77
 Currencies                                   daily %    YTD %
                                               change   change
 Brazil real                          3.2338    -0.06    22.05
 Mexico peso                         18.4950     0.39    -6.84
 Chile peso                            671.2     0.00     5.74
 Colombia peso                       2943.82    -0.87     7.66
 Peru sol                              3.352     0.27     1.85
 Argentina peso (interbank)          14.8800    -0.27   -12.75
 Argentina peso (parallel)             15.47     0.19    -7.76

 (Reporting by Bruno Federowski; Editing by Frances Kerry)