EMERGING MARKETS-Latam stocks, currencies tumble as oil price drops
(Updates prices) By Bruno Federowski SAO PAULO, Sept 13 (Reuters) - Latin American stocks and currencies stumbled on Tuesday, weighed by a slump in crude prices and concerns over a possible U.S. interest rate increase this year. Although comments by Federal Reserve policymaker Lael Brainard on Monday initially offered some relief for nervous markets, sentiment turned sour as prices of oil tumbled. Oil prices fell up to 3 percent after the world's energy watchdog and OPEC revised forecasts to signal the global crude glut could persist far longer than expected. Currencies from oil-producing economies, such as the Colombian and Mexican pesos, slumped. Mexico's currency reached an intraday low of 19.216, its lowest level since June 27, and not far off the historic low of 19.5225. Volatility has spiked in emerging markets as traders seek to decipher the Fed's strategy for dealing with mixed economic figures and financial market weakness abroad. Stock markets also slumped, with blue-chips leading losses in Brazil's benchmark Bovespa index, which ended the day down 3 percent. Shares of lenders Bradesco SA and Itaú Unibanco SA, as well as state-controlled oil company Petróleo Brasileiro SA, ranked among the biggest losers. Steel makers also fell sharply after the U.S. International Trade Commission decided to raise anti-dumping and anti-subsidy duties on hot-rolled steel imports from Brazil. Key Latin American stock indexes and currencies at 2136 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 886.01 -0.38 11.57 MSCI LatAm 2,319.09 -2.46 26.74 Brazil Bovespa 56,820.74 -3.01 31.07 Mexico IPC 46,154.20 -1.21 7.39 Chile IPSA 4,064.04 -0.09 10.43 Chile IGPA 20,223.21 -0.04 11.41 Argentina MerVal 15,520.79 -3.34 32.94 Colombia IGBC 10,085.79 -1.51 18.00 Venezuela IBC 12,031.20 0.01 -17.53 Currencies Latest Daily YTD pct pct change change Brazil real 3.3168 -2.09 19.00 Mexico peso 19.0825 -1.44 -9.71 Chile peso 678.2 -1.24 4.64 Colombia peso 2,975 -1.36 6.53 Peru sol 3.405 -0.23 0.26 Argentina peso (interbank) 14.9875 -0.25 -13.38 Argentina peso (parallel) 15.32 0.59 -6.85 (Reporting by Bruno Federowski; Editing by Chris Reese)
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