January 25, 2017 / 11:44 PM / a year ago

EMERGING MARKETS-Mexico peso firms as Latin American markets rise slightly

MEXICO CITY, Jan 25 (Reuters) - Mexico's peso gained on
Wednesday as U.S. President Donald Trump said he favors "a very
stable, very solid Mexico" while elsewhere in Latin American
stocks rose slightly.
    The Mexican currency hit a three-week high even as Trump
forged ahead with plans for a wall along the U.S.-Mexico border.
    The peso gained more than 2 percent to trade just above 21
pesos per U.S. dollar after Trump said in a speech that a strong
Mexican economy was good for the United States and that he
wanted to see it flourish. 
    Mexico's IPC stock index gained for a third straight
session to close at 48,275.831 points, just shy of its level on
Nov. 8, when Trump swept to a surprise victory. 
    Mexican tequila giant Jose Cuervo will seek to raise over
$706.5 million in a delayed initial public offering, with
Singaporean investment firm Temasek Holdings taking a 20 percent
piece of the offer, according to an investor presentation.
    Jose Cuervo, the world's biggest tequila maker, will offer
476.6 million shares, priced at 30-34 pesos per share, in a Feb.
8 initial public offering, the presentation showed. 
    In South America, Peru's economy might grow this year by 3.8
percent, down from an earlier forecast of 4.8 percent, as a
massive graft scandal slows public work projects and deters new
investments, the country's finance minister said on Wednesday.
    In Argentina, the central bank will set its reference rate
every two weeks starting in March to provide more stability and
certainty, according to bank president Federico Sturzenegger.
    Under President Mauricio Macri the central bank has been
striving to normalize monetary policy and prove its
    The rate is currently set every week and has been held at
24.75 percent for eight weeks. 
    Key Latin American stock indexes at 2200 GMT:
 Stock indexes          Latest     Daily % Change   YTD % Change
 MSCI Emerging Markets     912.16            0.39           5.79
 MSCI LatAm               2537.63             0.1           8.42
 Brazil Bovespa          65840.09            0.14           9.32
 Mexico IPC              48275.83            0.26           5.77
 Chile IPSA               4296.05            0.47           3.48
 Chile IGPA              21440.52            0.45           3.41
 Argentina MerVal        19406.63             0.2          14.71
 Colombia IGBC           10203.81           -0.18           0.75
 Venezuela IBC           28331.45            2.66         -10.64
 (Reporting by David Alire Garcia; Editing by Leslie Adler)
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