* LatAm stocks and currencies put in mixed performance

* MSCI broad emerging market stock index up marginally

By Daniel Bases

NEW YORK, Nov 10 (Reuters) - Emerging market assets turned
in a mixed performance on Tuesday, influenced by a flat
performance in leading U.S. stocks while credit spreads
tightened on improving trend in risk appetite.

Yield spreads on the benchmark JP Morgan Emerging Markets
Bond Index Plus 11EMJ.JPMEMBIPLUS tightened by 5 basis
points to 300 basis points over slightly stronger U.S.
Treasuries.

Argentina and Venezuela were the big winners in the
five-year credit default swap market.

Recent data showing improvements in the U.S. economy and
the expectation that central banks in developed economies will
leave interest rate policies loose for the time being is seen
helping to fuel buying in higher-yielding emerging markets.

"There is a better risk appetite toward emerging market
debt and these two are the highest beta credits," said Boris
Segura, senior economist for Latin America at RBS in Greenwich,
Connecticut, said of Argentina and Venezuela.

Both credits trade on an upfront basis whereby investors
wishing to insure their sovereign debt have to pay a larger
amount of cash plus a premium of $500,000 to protect debt with
notional amounts of $10 million.

Argentina tightened by about 40 cents to a bid/ask of
$18.30/18.90, meaning an investor would pay $1.83 million to
$1.89 million to insure their Argentine debt. Venezuela
tightened to something similar with prices of $19.45/20.25,
Segura said.

The closing of the U.S. bond market on Wednesday for the
Veterans Day holiday is expected to bring a muted trading
environment in emerging markets.

As for equities, the broader MSCI emerging markets stock
index .MSCIEF gained 0.36 percent on the day while the Latin
American stock index was nearly unchanged, down 0.02 percent
.MILA00000PUS.

"With U.S. equities trading very flat on the day, there has
been some rally in emerging market credits. Essentially the
buying came early in the day, which lifted prices across the
curve," said one hedge fund trader in New York.

"The biggest driver remains last week's strong U.S. GDP
report. Prior to that people were worried about the recovery
and the GDP reiterated the point that the recession is over and
that's giving the overall boost," the trader said.

"Yesterday things went up quite a bit," said Julio Hegedus
Neto, an economist at consulting firm Lopes Filho & Associados.
Investors were looking at the short-term horizon in putting
profits from those gains in their pockets, he added.

But, he noted, investors looking at a longer-term horizon
expect Brazil to keep growing through the rest of this year and
into the next.

Brazil's currency, the real (BRBY: Quote, Profile, Research), weakened 0.88 percent
to 1.717 per dollar. Brazil's finance minister, Guido Mantega,
said at a televised event in Sao Paulo that the real has become
overvalued as foreign inflows have poured dollars into Brazil.
[ID:nN10303818]

Chile's peso closed at a 15-month high on Tuesday, lifted
by dollar flows into the local market and the unwinding of
carry trades,

The peso CLP=CL closed 0.99 percent firmer at
507.20/507.50 per U.S. dollar, the strongest close since August
2008, compared to Monday's close of 512.20/512.70.
(Additional reporting by Lucian Lopez in Sao Paulo and Aaron
Nelsen in Santiago; Editing by Leslie Adler)