EMERGING MARKETS-Emerging market stocks gain on China data; Latam dips
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 trade data in China, but Brazil and Mexico shares were unable to hold on to early gains.
China's January exports and import growth readings easily beat forecasts, data showed on Wednesday, easing concerns of 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 a note to investors.
Global emerging market equities advanced nearly 1 percent though the MSCI Latin American stock index dropped into negative territory late in the session.
Mexico's IPC index lost about 0.3 percent as traders took profits on shares of heavily-weighted telecommunications firm America Movil, after they soared by the most in over two months in the previous session.
America Movil, which beat quarterly profit estimates late on Tuesday, said on Wednesday it is unsure if it will sell more shares in Dutch telecoms group KPN.
Mexico's peso traded about 0.2 percent weaker against the dollar following the central bank's inflation report on Wednesday. Continuación...