By Ambar Warrick Sept 12 (Reuters) - Latin American stocks hit a one-month high on Thursday as conciliatory trade measures by the United States and China aided risk appetite, spurring inflows into emerging markets. U.S. President Donald Trump delayed an increase in tariffs on Chinese goods by two weeks, after China exempted some U.S. drugs and other goods from tariffs. The moves underpinned optimism over meaningful headway being made in trade talks scheduled in October. "The goodwill shown by both the U.S. and China lifted the market, a combination of light positioning, cheap valuation and the stability of the Chinese yuan could help emerging markets to recover," said Morgan Stanley strategists in a note. "We think some emerging market high yielders will do well in the near term." The European Central Bank's interest rate cut and outlining of stimulus measures on Thursday also spurred buying, on expectations of other major economies resorting to similar measures. Investors will now look to moves from the U.S. Federal Reserve and the Brazilian central bank next week. MSCI's Latin American stocks index tacked on about 0.8%, notching a one-month peak, propped up by benchmark-heavy Brazilian shares. The Sao Paulo. index rose 0.4% on broad-based gains, with telecom stocks marking large gains after the Brazilian Senate approved a bill to modernize telecommunication laws and boost companies in the sector. Telefonica Brasil SA added about 2%. Mexican and Chilean stocks rose 0.4% and 0.2%, respectively. MSCI's index of Latin American currencies touched a near one-month high, with the Brazilian real and Mexican peso adding about 0.5% and 0.3%, respectively. Argentina's peso opened steady after the country announced further control measures requiring anyone buying foreign currency to present a sworn oath promising to wait at least five days before using it to purchase bonds. These measures come after the peso saw its worst month ever in August following a stunning upset for President Mauricio Macri by opposition leader Alberto Fernandez in the country's primary elections, which raised concerns of an interventionist government being voted in. Latin American stock indexes and currencies at 1426 GMT Stock indexes Daily % change Latest MSCI Emerging Markets 1025.42 0.82 MSCI LatAm 2721.63 0.88 Brazil Bovespa 104093.67 0.63 Mexico IPC 42920.16 0.4 Chile IPSA 4969.61 0.3 Argentina MerVal 28507.16 -0.387 Colombia IGBC 12910.44 0.21 Currencies Daily % change Latest Brazil real 4.0420 0.54 Mexico peso 19.4449 0.30 Chile peso 711.05 0.65 Colombia peso 3353.1 0.63 Peru sol 3.3268 0.34 Argentina peso 56.2600 -0.14 (interbank) (Reporting by Ambar Warrick in Bengaluru; Editing by Giles Elgood)