October 13, 2016 / 10:22 PM / 2 years ago

EMERGING MARKETS-Latin American markets pare losses as oil rallies

(Recasts with oil price rebound; adds details on Brazil stocks)
    By Bruno Federowski
    SAO PAULO, Oct 13 (Reuters) - Mexican stocks and currencies
seesawed on Thursday after weak Chinese trade data weighed on
demand for risky assets, but a late-day rally in oil prices
helped limit losses.   
    China's September exports fell 10 percent from a year
earlier, a far bigger decline than analysts expected, while
imports posted a surprise drop. 
    Persistent concerns over economic weakness in the world's
biggest commodities consumer have weighed on demand for assets
in regions exporting raw materials, such as Latin America.
    But Latin American assets pared losses as oil prices
rebounded to end higher after a U.S. government report of
larger-than-expected consumption of diesel and gasoline.
    The Mexican peso was little changed, down 0.09
percent from the day prior. Mexico is a top crude exporter to
the United States. 
    Mexico's benchmark IPC stock index fell 0.36 percent,
with financial institution Gentera and airport
operator leading losses.
    Brazil's currency and stocks fared better
than their peers, however, after a vote in Congress reinforced
expectations that President Michel Temer will be able to limit
public spending and curb the country's debt load. 
    Shares of state-controlled oil company Petróleo Brasileiro
SA , commonly known as Petrobras, rose
following a bigger-than-expected drop in U.S. inventories of
refined products. 
    Miner Vale SA and steelmakers Usinas Siderúrgicas
de Minas Gerais SA and Cia Siderúrgica Nacional SA
 saw losses, tracking commodities prices lower.
    The Brazilian real closed at 3.18 per dollar, a 0.57 percent
gain from the previous day. 
    Key Latin American stock indexes and currencies at 2100 GMT:
     Stock indexes       Latest    Daily pct   YTD pct
                                    change     change
 MSCI Emerging Markets     890.65      -1.34      12.15
 MSCI LatAm              2,467.97       -0.6      34.88
 Brazil Bovespa         61,118.58       0.16      40.99
 Mexico IPC             47,741.54      -0.36      11.08
 Chile IPSA              4,125.40       0.32      12.10
 Chile IGPA             20,656.75       0.28      13.80
 Argentina MerVal       17,234.81       0.15      47.62
 Colombia IGBC          10,000.15      -0.08      17.00
 Venezuela IBC          13,463.18      -0.19      -7.71
      Currencies         Latest    Daily pct   YTD pct
                                    change     change
 Brazil real               3.1774       0.09      24.22
 Mexico peso              18.9300      -0.09      -8.98
 Chile peso                 671.2      -0.66       5.74
 Colombia peso           2,916.01       0.00       8.69
 Peru sol                   3.405      -0.15       0.26
 Argentina peso           15.1300      -0.33     -14.19
 Argentina peso              15.5       0.19      -7.94
 (Reporting by Bruno Federowski; Editing by Meredith Mazzilli
and Alan Crosby)
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