EMERGING MARKETS-Emerging market stocks gain, spurred by China
By Asher Levine and Sujata Rao
RIO DE JANEIRO/LONDON Feb 12 (Reuters) - Emerging market stocks rose to three-week highs on Wednesday, boosted by stronger-than-expected Chinese trade data but Brazilan stocks dipped on profit-taking after recent gains.
China's January exports and imports easily beat forecasts, data showed Wednesday, easing concerns over a slowdown in the world's second-largest economy. China is a key purchaser of raw materials such as iron-ore, soybeans and copper from other developing markets.
"Surprisingly strong export growth from China last month has raised hopes of a broader recovery in emerging market exports," Capital Economic wrote in an investor note.
Emerging market equities advanced nearly 1 percent , with Chilean stocks notching their seventh straight gain and Russian shares up 0.8 percent.
Mexico's IPC index advanced 0.2 percent, boosted by telecommunications firm America Movil, which beat fourth-quarter profit estimates late Tuesday.
The country's peso was little changed ahead of the central bank's inflation report, due later in the day.
"As much as we like the Mexican story, data has been coming very soft and calls into question the central bank's scenario for a stronger recovery this year," Brown Brothers Harriman strategists wrote on Wednesday. Continuación...