November 30, 2016 / 11:57 PM / 2 years ago

EMERGING MARKETS-Latin American stocks, currencies jump on oil rally

(Recasts; adds closing figures throughout)
    By Bruno Federowski
    SAO PAULO, Nov 30 (Reuters) - Latin American stocks and
currencies largely rose on Wednesday, with a rally in crude
prices and shares of Brazilian state-controlled oil company
Petrobras saw their biggest daily gain over eight months.
    Shares of Petróleo Brasileiro SA, as the company
is formally known, jumped 9.14 percent, by far the biggest
gainer in Brazil's benchmark Bovespa stock index.
    The move came as oil futures soared more than 10 percent
after some of the world's largest oil producers agreed to curb
oil output for the first time since 2008. 
    Mexico's peso firmed slightly, edging up 0.19
percent to close at 20.585 per greenback while Colombia's peso
gained nearly 3 percent. Both countries are oil
    Investors also saw Brazil's currency, the real, gain
slightly after the country's central bank rate cut interest
rates by 25 basis points on Wednesday, extending an easing cycle
despite a deepening recession that could extend into its third
    Appetite for Brazilian assets also increased after the
country's Senate approved a strict cap on federal spending in a
first-round vote despite violent protests against the amendment.
    The country's central bank is expected to maintain a
moderate pace of rate cuts despite a sharp economic contraction
in the third quarter after weeks of market turmoil driven by the
election of President-elect Donald Trump. 
    Key Latin American stock indexes and currencies at 2100 GMT:
 Stock indexes                 Latest    Daily pct   YTD pct
                                          change     change
 MSCI Emerging Markets           861.17       0.31        8.1
 MSCI LatAm                    2,324.74       1.65      24.99
 Brazil Bovespa               61,906.36       1.51      42.81
 Mexico IPC                   45,315.96      -0.12       5.44
 Chile IPSA                    4,207.24       0.79      14.32
 Chile IGPA                   21,020.27       0.72      15.80
 Argentina MerVal             17,442.40       2.34      49.40
 Colombia IGBC                 9,572.26        1.6      11.99
 Venezuela IBC                33,200.74       6.32     127.59
 Currencies                    Latest    Daily pct   YTD pct
                                          change     change
 Brazil real                     3.3808       0.24      16.56
 Mexico peso                     20.585       0.19     -16.28
 Chile peso                      674.00      -0.12       5.30
 Colombia peso                 3,074.00       2.80       3.10
 (Reporting by Bruno Federowski, editing by G Crosse)
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