10 de diciembre de 2015 / 14:26 / en 2 años

EMERGING MARKETS-Latam currencies steady; Brazil assets fall on Moody's concern

By Bruno Federowski
    SAO PAULO, Dec 10 (Reuters) - Latin American currencies were
mostly steady on Thursday ahead of a U.S. Federal Reserve policy
meeting next week, while Brazilian stocks slipped on concern
Moody's Investors Service will cut the country's debt ratings to
    The Fed is widely expected to increase benchmark rates for
the first time in almost a decade on Dec. 16, which could drive
investments away from emerging markets. However, the bank is
expected to hike rates slowly thereafter, a Reuters poll of
economists showed. 
    Both the Chilean peso and the Mexican peso 
were little changed as oil prices  fluctuated
around the lowest in six years. A recent drop in oil drove down
demand for commodity-linked currencies.
    The Brazilian real and the benchmark Bovespa stock
index fell about 1 percent after Moody's warned it may
downgrade the country's Baa3 rating. Risks of political turmoil
have escalated after the lower house opened impeachment
proceedings against President Dilma Rousseff, Moody's said.
    Market reaction was muted, however, as many traders had
prepared for another downgrade into junk following Standard &
Poor's September decision. 
    "The event of losing two investment grade ratings is widely
anticipated as political crisis and stagflation continues with
no improvement on restoring the fiscal anchor," said Siobhan
Morden, head of Latin America fixed-income strategy at Nomura
Securities in New York.
    Moody's also cut the rating of Petroleo Brasileiro SA, or
Petrobras, deeper into junk, citing weak oil prices
and a stalled asset sale program. Shares fell 3.5 percent.
    Latin American stock indexes and currencies at 1400 GMT:
 Stock indexes                               daily %    YTD %
                                              change   change
 MSCI Emerging Markets               789.42    -0.73   -16.84
 MSCI LatAm                         1913.02    -1.17   -29.04
 Brazil Bovespa                    45650.88    -0.99    -8.71
 Chile IPSA                         3571.42     0.34    -7.26
 Chile IGPA                        17654.35      0.3    -6.44
 Colombia IGBC                      7935.35        0   -31.80
 Venezuela IBC                     14619.21    -0.24   278.86
 Currencies                                  daily %    YTD %
                                              change   change
 Brazil real                         3.7751    -1.02   -29.60
 Mexico peso                        17.0822    -0.10   -13.69
 Chile peso                           703.6    -0.05   -13.81
 Colombia peso                       3262.6     0.59   -26.81
 Peru sol                            3.3721     0.03   -11.66
 Argentina peso (interbank)          9.7425    -0.05   -12.24
 Argentina peso (parallel)            14.68     0.89    -4.63
 (Editing by Bernadette Baum)

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