EMERGING MARKETS-Brazil stocks jump to 10-month high on impeachment bets

miércoles 13 de abril de 2016 16:27 GYT
 

(Adds Argentina index jumps 4.5 percent, peso rises on U.S.
appeals court decision on debt; updates prices)
    By Bruno Federowski
    SAO PAULO, April 13 (Reuters) - Brazilian stocks hit their
highest level in nearly 10 months on Wednesday amid expectations
of President Dilma Rousseff's ouster, but the country's currency
was dented by the heightened intervention of the central bank.
    Brazil's lower house will vote on Sunday on whether to allow
impeachment proceedings against the leftist president to advance
to a Senate vote.
    Lawmakers' support for the survival of her government seemed
to dwindle after the Progressive Party (PP) officially left the
administration on Tuesday. The party's leader in the lower house
said a majority of its 49 deputies supported impeachment.
 
    Brazil's stocks and currency have rallied for weeks as many
traders bet impeachment could rekindle trust in the embattled
economy and ease the approval of austerity measures in Congress.
    Shares of state-controlled firms such as oil company
Petroleo Brasileiro SA and lender Banco do Brasil SA
 rose, driving the benchmark Bovespa stock index
 to jump 3.2 percent to its highest since late June 2015.
    But the Brazilian real pared most of its gains,
closing up just 0.4 percent, after the central bank stepped up
its intervention to weaken the currency.
    The bank bought $3.15 billion in the markets through reverse
currency swaps on Wednesday following an unprecedented $8
billion purchase the day before.
    BNP Paribas strategists praised the intervention, saying the
real had appreciated beyond what was warranted by macroeconomic
fundamentals.
    Elsewhere in the region, Argentina's MerVal stock index
 jumped 4.5 percent, and the peso rose a two-month high,
after a U.S. appeals court lifted injunctions which should allow
the country to pay off some debts in a years-long litigation
stemming from its 2002 default. 
    Mexico's IPC stock index gained 0.7 percent while
Chile's IPSA rose 0.45 percent, boosted by upbeat
Chinese trade data which showed exports returned to growth for
the first time in nine months, offering hope about the world's
second-biggest economy. 
    
    Key Latin American stock indexes and currencies at 1959 GMT:
 Stock indexes                             daily %     YTD %
                               Latest       change    change
 MSCI Emerging Markets            845.03       1.7      4.63
                                                    
 MSCI LatAm                      2243.44      2.32     19.83
                                                    
 Brazil Bovespa                 53190.69      2.29     22.70
                                                    
 Mexico IPC                     45405.75       0.7      5.65
                                                    
 Chile IPSA                      3957.24      0.09      7.53
                                                    
 Chile IGPA                     19394.81      0.11      6.85
                                                    
 Argentina MerVal               13256.31      4.43     13.54
                                                    
 Colombia IGBC                  10135.17      0.57     18.58
                                                    
 Venezuela IBC                  15659.55       2.6      7.34
                                                    
                                                            
 Currencies                                daily %     YTD %
                                            change    change
                                  Latest            
 Brazil real                      3.4775      0.41     11.90
                                                    
 Mexico peso                     17.4590      0.13     -1.33
                                                    
 Chile peso                        670.2      0.45      5.57
                                                    
 Colombia peso                    3006.2      0.32      5.15
                                                    
 Peru sol                         3.2629     -0.02      4.43
                                                    
 Argentina peso (interbank)      14.3900      0.55    -10.84
                                                    
 Argentina peso (parallel)         14.87      0.93     -4.20
                                                    
 
 (Reporting by Bruno Federowski; additional reporting by Paula
Arend Laier, editing by G Crosse and Grant McCool)