EMERGING MARKETS-Latam currencies down on Fed outlook; bank stocks rise

lunes 30 de marzo de 2015 12:29 GYT
 

RIO DE JANEIRO, March 30 (Reuters) - Latin American
currencies traded mostly weaker on Monday, tracking global
dollar strength, while banking shares supported local stock
markets. 
    The dollar rallied after comments last Friday from U.S.
Federal Reserve chair Janet Yellen underscored the view that
U.S. interest rates are likely to rise gradually later this
year. 
    The Brazilian real  sank as low as 3.288 to the
dollar though it continued to see technical support at the 3.29
level for a second week. The currency is down more than 12
percent in March on concerns over weak economic growth and
political wrangling over a fiscal adjustment seen as critical to
ward off a sovereign credit downgrade.
    The concerns were fed over the weekend on reports that
Finance Minister Joaquim Levy mildly criticized President Dilma
Rousseff's economic management in a closed seminar with former
students from his alma mater. 
    "We're following the markets abroad today, but we also have
some domestic noise, principally on the Levy question," said
Silvio Campos Neto, an economist with consulting firm Tendencias
in Sao Paulo.
    Other currencies in the region weakened as well, with
Chile's peso posting its biggest intraday loss in over a
week after the central bank raised its outlook for year-end
inflation on Monday. 
    In equities markets, Brazil's Bovespa stock index 
gained for the first session in three, boosted by shares of
lender Itau Unibanco Holding SA.
    Global macro funds have taken an interest in Brazilian banks
on the perception that Levy will be able to push through fiscal
measures, according to a report from UBS Securities analysts on
Monday. Some investors also see the real's weakness as overdone
and view valuations as favorable, given "positive earnings
momentum," the report said.
    Shares of electric utility Companhia Energética de São Paulo
SA soared their most in over a year after the company
announced late Friday that it would distribute 1.58 billion
reais ($486.2 million) in dividends. 
    Shares of planemaker Embraer SA rose 4 percent
after it announced an order from Air France-KLM Group 
on Monday.
    Financial shares also helped support Mexico's IPC stock
index and Chile's IPSA index, both of which
gained for the second straight session. 
  ($1 = 3.25 Brazilian reais)
    
    Key Latin American stock indexes and currencies at 1606 GMT:
    
 Stock indexes                        daily %    YTD %
                             Latest    change   change
 MSCI Emerging Markets        968.24     1.06     0.19
                                               
 MSCI LatAm                  2423.77     0.78   -11.83
                                               
 Brazil Bovespa             50967.95     1.74     1.92
                                               
 Mexico IPC                 43942.82      0.7     1.85
                                               
 Chile IPSA                  3897.99     0.35     1.22
                                               
 Chile IGPA                 19015.42     0.31     0.77
                                               
 Argentina MerVal          10977.819     2.94    27.96
                                               
 Colombia IGBC               9945.82     0.38   -14.52
                                               
 Peru IGRA                  12344.66    -0.25   -16.56
                                               
 Venezuela IBC               4816.05    -5.48    24.81
                                               
                                                      
 Currencies                           daily %    YTD %
                                       change   change
                              Latest           
 Brazil real                  3.2540    -0.48   -18.33
                                               
 Mexico peso                 15.2443    -0.03    -3.28
                                               
 Chile peso                    626.5    -0.56    -3.21
                                               
 Colombia peso               2576.99    -0.74    -7.33
 Peru sol                      3.096    -0.10    -3.78
                                               
 Argentina peso               8.8125    -0.03    -2.98
 (interbank)                                   
                                               
 Argentina peso                12.65     1.03    10.67
 (parallel)                                    
                                               
 
        

 (Reporting by Asher Levine and Flavia Bohone; Editing by
Jeffrey Benkoe)