Chile, Brazil top Latam stocks, FX gainers on commodities boost
Mexico's inflation undershoots forecasts ahead of rate decision
Uncertainties prevent indication of future tightening steps- Brazil c.bank
Copper, iron ore, oil prices jump on China's stimulus measures
Latam FX up 1%, stocks up 2.5%
By Ankika Biswas
Sept 24 (Reuters) -Stocks and currencies of resource-rich Latin American countries jumped on Tuesday, boosted by sharp gains in commodity prices on a strong demand outlook following China's wide-ranging stimulus measures, with Brazil's real and Chile's peso in the lead.
The MSCI index for Latam currencies .MILA00000CUS climbed 1%, while the stocks index .MILA00000PUS advanced 2.5%, on track for its biggest one-day gain in more than a month.
The gains in Latam assets were in line with their broader emerging market peers, with the MSCI EM stocks index .MSCIEF jumping 2% and hitting a two-year high.
With copper prices hitting 10-week highs on the back of top metals consumer China's stimulus measures, the largest copper producer Chile's peso CLP= strengthened 1.3% against the dollar to hit a near one-month high.
Prices of iron ore futures also logged their largest intraday gain in over a year, likely aiding the 1.4% rise in Brazil's real BRL=. Miner Vale VALE3.SA, one of the world's largest iron ore miners, jumped 5%, among the top gainers on Brazil's main stock index .BVSP
Brazil's central bank said it gave no indication of its next steps regarding the pace and magnitude of a tightening cycle due to uncertainties, instead insisting on its "firm commitment" to bringing inflation to the target.
The central bank's chief Roberto Campos Neto also noted market concerns over the country's fiscal outlook have affected long-term rates, but played them down as exaggerated.
An around 2% jump in oil prices also lifted the Mexican peso MXN= and Colombian peso COP= by 0.4% and 0.7%, respectively. The Mexican benchmark stock index .MXX also gained over 1% to hit a near one-month high.
Data showed Mexico's annual inflation slowed more than expected in the first half of September, paving the way for another interest rate cut. The country's policy decision is due on Thursday.
"We expect factors such as slowing domestic demand, lower oil prices, persistently high real interest rates and moderating labor-market pressures to keep inflation in check," said Andrés Abadía, chief Latam economist at Pantheon Macroeconomics.
"But risks remain skewed to the upside, particularly due to the delayed impact of MXN depreciation and greater policy uncertainty, which could negatively affect Mexico's financial metrics."
Meanwhile, a Reuters poll showed analysts are split on how Colombia might cut its benchmark interest rate in its vote next week. A majority of the analysts forecast a 50-basis-point cut, while the rest anticipate a 75-bps reduction.
Elsewhere, Hungary cut its base rate by another 25 basis points to 6.5%, aided by a fall in inflation and last week's larger-than-usual cut by the Federal Reserve.
HIGHLIGHTS:
** Russia to increase budget spending in 2025 to $446.24 bln, Russia's Mishustin says
** Nigeria surprises with a rate hike to 27.25%
Key Latin American stock indexes and currencies at 1410 GMT:
Equities | Latest | Daily % change |
MSCI Emerging Markets .MSCIEF | 1131.98 | 1.92 |
MSCI LatAm .MILA00000PUS | 2271.08 | 2.52 |
Brazil Bovespa .BVSP | 132888.92 | 1.78 |
Mexico IPC .MXX | 53188.65 | 1.46 |
Chile IPSA .SPIPSA | 6446.66 | 1.13 |
Argentina Merval .MERV | 1790228.16 | NULL |
Colombia COLCAP .COLCAP | 1326.68 | 0.34 |
Currencies | Latest | Daily % change |
Brazil real BRL= | 5.4596 | 1.39 |
Mexico peso MXN= | 19.3397 | 0.39 |
Chile peso CLP= | 909.2 | 1.32 |
Colombia peso COP= | 4128.12 | 0.71 |
Peru sol PEN= | 3.7623 | 0.03 |
Argentina peso (interbank) ARS=RASL | 966 | -0.051759834 |
Argentina peso (parallel) ARSB= | 1225 | 1.632653061 |
Interest rates in Latin America vs US over the last year https://tmsnrt.rs/3ZC2R7N
Reporting by Ankika Biswas in Bengaluru; Editing by Andrea Ricci
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