EMERGING MARKETS-Latam currencies strengthen as China seeks stable yuan

martes 12 de enero de 2016 10:27 GYT
 

By Bruno Federowski
    SAO PAULO, Jan 12 (Reuters) - Latin American currencies
strengthened on Tuesday after the Chinese government further
moved to stabilize the yuan, whose devaluation triggered a
global selloff last week.
    The Chinese central bank again allowed the currency to rise
against the U.S. dollar, while dealers reported aggressive
offshore yuan buying by state-owned banks. 
    A drop in the currency had sparked concerns that China's
economy could be even weaker than previously thought, slamming
commodity prices and assets from economies exporting to China.
    "Alongside the practical effort to steady the currency,
officials appear to be trying to persuade the market that the
desire for a 'basically stable' currency remains intact, pushing
back against expectations that the yuan will fall," Scotiabank
analysts wrote in a client note.
    A recovery in oil prices also triggered buying of
emerging-market currencies. The Mexican peso rose 0.6
percent after hitting a new low on Monday, while the Brazilian
real advanced 0.5 percent. 
    Brazilian stocks also gained despite a drop in
shares of state-controlled oil company Petroleo Brasileiro SA
. Petrobras, as the company is known, trimmed its
estimates of capital spending by one-quarter for the 2015-2019
period, warning of further cuts if oil prices and the Brazilian
real keep falling. 
    
    Latin American stock indexes and currencies at 1405 GMT:
 Stock indexes                                 daily %   YTD %
                                                change  change
                                    Latest              
 MSCI Emerging Markets                 724.67     0.18   -8.91
 MSCI LatAm                           1678.99        1   -9.15
 Brazil Bovespa                      40199.22     0.62   -7.27
 Chile IPSA                           3552.19     0.25   -3.48
 Chile IGPA                          17581.56     0.22   -3.14
                                                              
 Currencies                                    daily %   YTD %
                                                change  change
                                       Latest           
 Brazil real                           4.0281     0.51  -34.03
 Mexico peso                          17.7753     0.60  -17.05
 Chile peso                             729.1     0.30  -16.83
 Colombia peso                        3245.89     0.53  -26.43
 Peru sol                               3.417     0.27  -12.82
 Argentina peso (interbank)           13.6800     0.51  -37.50
                                                        
 Argentina peso (parallel)              14.39     0.42   -2.71
                                                        
 
 (Editing by Jeffrrey Benkoe)