25 de octubre de 2016 / 16:36 / en un año

EMERGING MARKETS-Brazil rate futures up on bets of slower rate cuts

By Bruno Federowski
    SAO PAULO, Oct 25 (Reuters) - Yields paid on Brazilian
interest rate futures rose on Tuesday as traders bet the central
bank will cut rates more slowly than expected in the coming
months.
    Brazil's central bank cut its benchmark Selic rate for the
first time in four years last week, opting for a modest 25
basis-point reduction. 
    In minutes of the policy meeting released on Tuesday, the
bank suggested it is unlikely to accelerate the pace of cuts at
its November policy meeting, saying inflation forecasts for the
next couple of years point to limited room for monetary easing.
 
    Rate future prices indicated a 78 percent probability of a
25 basis point cut and a 22 percent chance of a 50 basis point
cut, Reuters data shows. 
    The central bank "hinted that it will most likely continue
to cut the Selic policy rate, but acceleration to a higher 50 bp
pace is definitely not pre-ordained," Goldman Sachs economist
Alberto Ramos wrote in a report.
    Most Latin American currencies strengthened, supported by
higher commodity prices amid hopes of new Chinese economic
stimulus.
    The Chilean peso rose more than 1 percent to the
strongest in over two months as prices of copper jumped, while
the Mexican peso strengthened about 0.3 percent.
    Brazil's benchmark Bovespa stock index fell 0.8
percent, weighed down by shares of retailer Lojas Renner SA
 after it posted the first drop in same-store sales in
seven years. 
    
    Key Latin American stock indexes and currencies at 1550 GMT:
 Stock indexes                                daily %   YTD %
                                               change  change
                                   Latest              
 MSCI Emerging Markets                919.28      0.1   15.65
 MSCI LatAm                          2618.93    -0.05    43.2
 Brazil Bovespa                     63520.91    -0.84   46.53
 Mexico IPC                         48169.34    -0.54   12.08
 Chile IPSA                          4300.23     0.57   16.85
 Chile IGPA                         21454.22      0.5   18.20
 Argentina MerVal                   18303.99    -0.47   56.78
 Colombia IGBC                      10065.59    -0.01   17.76
 Venezuela IBC                      13943.72     0.39   -4.42
                                                             
 Currencies                                   daily %   YTD %
                                               change  change
                                      Latest           
 Brazil real                          3.1143     0.19   26.74
 Mexico peso                         18.4900     0.37   -6.81
 Chile peso                            652.1     1.06    8.83
 Colombia peso                       2940.26    -0.22    7.79
 Peru sol                               3.36     0.03    1.61
 Argentina peso (interbank)          15.2000    -0.35  -14.59
                                                       
 Argentina peso (parallel)             15.58     0.26   -8.41
                                                       
 

 (Reporting by Bruno Federowski; Editing by Andrea Ricci)

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