EMERGING MARKETS-Latam markets gain on U.S. data; fiscal outlook boosts real

miércoles 1 de abril de 2015 14:29 GYT
 

SAO PAULO, April 1 (Reuters) - Latin American currencies and
stocks gained on Wednesday after weak U.S. economic data
supported ideas that interest rates in the world's largest
economy may take longer to rise than many investors are
expecting.
    Nearly every currency in the region strengthened against the
dollar while the MSCI Latin American stock index 
notched its biggest intraday gain in nearly two weeks. 
    Disappointing data on U.S. manufacturing and job growth on
Wednesday helped push investors into riskier assets on bets that
an extended period of low U.S. rates would support the search
for higher returns in emerging markets. 
    Brazil's real, which has fallen nearly 16 percent
this year on concerns over slow economic growth and an ongoing
corruption scandal at state-owned oil firm Petrobras, rose
nearly 1 percent. 
    The currency was also supported by investor optimism that
President Dilma Rousseff's government would find less resistance
from lawmakers over fiscal austerity measures necessary to ward
off a credit downgrade. 
    Finance Minister Joaquim Levy's Senate hearing on Tuesday
and recent comments made by Rousseff reassured some that the
government would do all it can to achieve its fiscal goals this
year.
    "Levy very much reinforced the importance of the fiscal
adjustment at the Senate hearing," said Joao Paulo De Gracia
Correa, a currency manager at Brazilian brokerage Correparti.
    Other currencies in the region strengthened as well, with
the Chilean and Colombian pesos  both up about 1
percent against the dollar. 
    Brazil's Bovespa stock index headed for its highest
close of the year, boosted by preferred shares of Petrobras,
formally known as Petroleo Brasileiro SA, and lenders
such as Itau Unibanco Holding SA. 
    Foreign investors seeking exposure to Brazilian assets tend
to favor widely-traded stocks such as these due to their high
levels of liquidity.
    Shares of telecom Oi SA soared 14 percent
following a proposed new shareholder accord and cost-cutting
moves reported by Reuters. 

    Key Latin American stock indexes and currencies at 1812 GMT:
 Stock indexes                           daily %     YTD %
                             Latest       change    change
 MSCI Emerging Markets          984.36         1      1.91
                                                  
 MSCI LatAm                    2518.58      2.74    -10.13
                                                  
 Brazil Bovespa               52458.52      2.56      4.90
                                                  
 Mexico IPC                   44057.32      0.76      2.11
                                                  
 Chile IPSA                     3923.2      0.16      1.88
                                                  
 Chile IGPA                   19121.96      0.16      1.33
                                                  
 Argentina MerVal            11077.829      2.22     29.13
                                                  
 Colombia IGBC                10152.54      1.54    -12.74
                                                  
 Peru IGRA                    12580.79      0.95    -14.96
                                                  
 Venezuela IBC                 5449.19      5.49     41.22
                                                  
                                                          
 Currencies                              daily %     YTD %
                                          change    change
                                Latest            
 Brazil real                    3.1563      1.06    -15.80
                                                  
 Mexico peso                    15.113      1.01     -2.44
                                                  
 Chile peso                      617.7      1.22     -1.83
                                                  
 Colombia peso                  2574.4      0.96     -7.24
 Peru sol                        3.097     -0.03     -3.81
                                                  
 Argentina peso                 8.8250     -0.03     -3.12
 (interbank)                                      
                                                  
 Argentina peso                   12.5      0.96     12.00
 (parallel)                                       
                                                  
 
        

 (Reporting by Flavia Bohone; Editing by Cynthia Osterman)