Reuters logo
EMERGING MARKETS-Brazil stocks up on China economic policy view
July 17, 2013 / 3:37 PM / 4 years ago

EMERGING MARKETS-Brazil stocks up on China economic policy view

* China's Li says government will act if economy slips too
far
    * Mining firms, oil companies drive Bovespa higher
    * Brazil Bovespa up 1.35 pct, Mexico IPC up 0.52 pct

    SAO PAULO, July 17 (Reuters) - Brazilian stocks rose on
Wednesday after the government of top trade partner China
signaled it would not let economic growth slip too far.
    Mexico's IPC index snapped a three-day slide, while
Chile's bourse reopened higher after a local holiday.
    China's Premier Li Keqiang was quoted by state television
late Tuesday as saying the government is able to achieve key
economic tasks for this year, while China's Commerce Ministry on
Wednesday said it would soon release measures to support exports
and imports. 
    The move helped iron-ore prices extend a recent rally and
boosted shares of commodities exporters such as mining giant
Vale SA.
    "It's mostly about China's impact on mining and steelmaking
today," said Luiz Roberto Monteiro, a broker with Renascenca
Corretora in Sao Paulo. "Metals prices are up on the outlook for
Chinese growth after the statements from the government and we
are also correcting some of the exaggerations in the market
recently."
    * Brazil's benchmark Bovespa stock index rallied for
a third straight day, adding 1.35 percent to 47,502.96. The
index is down over 11 percent this month and on track for its
worst monthly performance in over a year.
    * Vale shares rose nearly 1 percent, while shares of
state-run oil company Petroleo Brasileiro SA, known
as Petrobras, added 2.3 percent.
    * Steelmaker Usinas Siderurgicas de Minas Gerais SA
, known as Usiminas, rose 3.6 percent, while rival
Companhia Siderurgica Nacional SA advanced 1.5
percent.
    * Shares of Localiza, Brazil's largest car and
fleet rental company, rose 3 percent after the company said
second-quarter profit rose nearly tenfold from the same period a
year earlier.
    * Mexico's IPC index added 0.52 percent to 39,864.94
as shares of lender Grupo Financiero Banorte 
rallied over 6 percent.
    * Chile's IPSA index rose 0.53 percent to 3,827.09,
led by a 2.5 percent gain in conglomerate Empresas Copec
.
    
    Latin America's key stock indexes at 1516 GMT:
    
 Stock indexes                              daily %      YTD %
                              Latest         change     change
 MSCI LatAm                      3,196.25      1.17     -16.82
                                                     
 Brazil Bovespa                 47,502.96      1.35     -22.07
                                                     
 Mexico IPC                     39,864.94      0.52      -8.79
                                                     
 Chile IPSA                      3,827.09      0.53     -11.03
                                                     
 Chile IGPA                     18,974.02      0.53      -9.95
                                                     
 Argentina MerVal                3,461.63      1.98      21.28
                                                     
 Colombia IGBC                       0.00   -100.00    -100.00
                                                     
 Peru IGRA                      15,172.18      0.24     -26.45
                                                     
 Venezuela IBC               1,249,789.00         0     165.10

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below