August 6, 2019 / 2:39 PM / in 12 days

EMERGING MARKETS-Latam assets steady after sharp sell-off

    Aug 6 (Reuters) - Latin American assets staged a partial
recovery on Tuesday after a global sell-off driven by a symbolic
fall in the value of China's officially-controlled currency
eased. 
    Beijing stepped in to keep the yuan in control after its
drop past a sacrosanct 7 to the dollar mark roiled financial
markets on Monday with Washington calling its arch trade rival 
a currency manipulator.
    The intervention by the Chinese central bank helped emerging
market currencies move higher and away from
their 2019-lows. 
    The White House said while it 'could not tolerate' the
depreciation of the yuan, U.S. President Donald Trump was
willing to continue trade talks with China and the Trump
administration still plans to host a Chinese delegation for
further talks in September.
    Goldman Sachs said it did not expect a trade deal between
the two economic powers to be struck before the November 2020
U.S. presidential election.
    Brazil's real moved 0.6% higher, on track to break a
six-day losing streak with the central bank saying it saw gross
domestic product staying stable or growing only slightly in the
second quarter.
    The central bank had kicked off an easing cycle last week 
with a sharper rate cut than most economists expected and after
data showed manufacturing slowed in Latin America's largest
economy in July.
    Other currencies in the region also gained with Mexico's
peso rising after four session of losses, while Colombian
 and Chilean pesos rose between 0.8% and 1.2%. 
    MSCI's index tracking Latin American stocks
was on track to record their first gain in six sessions with
Brazil's Bovespa leading gains. 
    
  Key Latin American stock indexes and currencies at 1420 GMT
    
 Stock indexes                             daily % change
                          Latest           
 MSCI Emerging Markets             973.27            0.03
                                           
 MSCI LatAm                       2684.58             0.8
                                           
 Brazil Bovespa                 101312.98            1.21
                                           
 Mexico IPC                      39757.50            0.65
                                           
 Chile IPSA                       4811.35            0.65
                                           
 Argentina MerVal                40866.06          -0.017
                                           
 Colombia IGBC                   12383.80            1.08
                                           
                                                         
 Currencies                                daily % change
                                   Latest  
 Brazil real                       3.9616            0.57
                                           
 Mexico peso                      19.5779            0.16
                                           
 Chile peso                         714.8            0.80
                                           
 Colombia peso                    3424.51            0.83
 Peru sol                           3.373            0.39
                                           
 Argentina peso                   45.2700            0.49
 (interbank)                               
                                           
 

 (Reporting by Agamoni Ghosh in Bengaluru
Editing by Marguerita Choy)
  
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