July 11, 2017 / 9:33 PM / a year ago

EMERGING MARKETS-Brazil stocks edge up ahead of labor reform vote

 (Updates prices, adds details on Mexican stocks)
    SAO PAULO, July 11 (Reuters) - Brazilian stocks rose on
Tuesday as traders bet lawmakers would approve President Michel
Temer's plans to revamp labor regulations despite an ongoing
political crisis, while Mexican stocks slipped back from a
record high.
    The planned labor reform, which investors see as critical to
boost long-term economic growth, is expected to clear a final
Senate vote later in the day.
    Traders said the vote will serve as a gauge of lawmaker's
support for Temer's reform platform, which came under pressure
in recent months after he was caught on tape allegedly condoning
bribes to silence a key witness in Brazil's largest-ever
corruption scandal.
    Brazil's benchmark Bovespa stock index gained nearly
1.3 percent, as rising prices of crude and iron ore lifted
shares of state-controlled oil company Petróleo Brasileiro SA
 and miner Vale SA.
    Shares of planemaker Embraer SA also advanced
following strong second-quarter delivery figures.
    Mexico's S&P BMV IPC stock index touched a fresh
intraday record high but ended a bit down. Stocks have been
supported by forecasts for solid second-quarter earnings. 
    Shares of Grupo Televisa shrugged off early
losses to close up even after the Mexican media heavyweight
reported a dip in second-quarter revenue as viewers and
advertisers turning to online rivals.
    Investors have closely followed U.S. economic indicators in
search of clues over the pace of U.S. interest rate hikes next
    Concerns that higher rates could drive capital away from
risky assets hammered wider emerging market currencies earlier
in the day, with the South African rand tumbling more
than 1 percent.
    Latin American stock indexes and currencies at 20:18 GMT:
 Stock indexes                Latest        Daily   YTD pct
                                              pct    change
 MSCI Emerging Markets          1,018.47    +0.91    +17.05
 MSCI LatAm                     2,613.67    +0.87    +10.71
 Brazil Bovespa                63,832.15    +1.28     +5.99
 Mexico S&P/BVM IPC            50,510.23    -0.21    +10.66
 Chile IPSA                     4,885.29    -0.34    +17.68
 Chile IGPA                    24,417.25    -0.31    +17.76
 Argentina MerVal              22,122.63    +0.76    +30.76
 Colombia IGBC                 10,993.84    +0.66     +8.55
 Venezuela IBC                125,901.22    +1.26   +297.10
 Currencies                       Latest    Daily   YTD pct
                                              pct    change
 Brazil real                      3.2517     0.22     -0.08
 Mexico peso                      17.936     0.14    +15.66
 Chile peso                      666.500    -0.06     +0.63
 Colombia peso                 3,075.510    -0.43     -2.41
 Peru sol                          3.256    -0.03     +4.85
 Argentina peso (interbank)       17.000    +0.00     -6.62
 Argentina peso (parallel)        17.370    -0.40     -3.17
 (Reporting by Bruno Federowski; Editing by James Dalgleish)
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