November 4, 2019 / 3:22 PM / 10 days ago

EMERGING MARKETS-Latam markets steady as trade hopes grow

    Nov 4 (Reuters) - Latin American currencies held steady on
Monday on signs the United States and China were making headway
in their trade negotiations, while Brazil shares jumped to a new
record. 
    The Mexican peso was steady, while the Chilean peso
 rebounded after steep two weeks of declines as prices of
copper, the country's top export, firmed.
    The gains came even as Chile's newly appointed finance
minister Ignacio Briones said the economy will likely grow
between 2.0% and 2.2% in 2019, down from a prior forecast for
2.6% growth following more than two weeks of street protests.

    The Brazilian real held below 3.98 per dollar, with
President Jair Bolsonaro and Economy Minister Paulo Guedes set
to deliver reform bill drafts to the lower house of Congress
this week.
    The overhaul package is part of a post-pension reform effort
and includes a constitutional amendment for a "federative pact"
bill, which should institute new rules for federal and state
budgets.
    However, helping the broad sentiment, the United States and
China said on Friday they made progress in talks aimed at
defusing a nearly 16-month-long trade war that has harmed the
global economy, and U.S. officials said a deal could be signed
this month.
    The Bovespa touched a new record, with help from shares in
miner Vale, which extended gains for second session
on news it was resuming operations at its Algeria mining site.
    Shares in the country's largest wireless carrier Telefonica
Brasil SA rose 1.4% after its chief executive said
the firm is likely to deliver stronger results in the fourth
quarter even as it posted a 69.6% fall in third-quarter net
income.
    
    Key Latin American stock indexes and currencies at 1437 GMT:
        Stock indexes                  Latest      Daily %
                                                    change
 MSCI Emerging Markets                  1064.10          1.42
 MSCI LatAm                             2836.09          0.49
 Brazil Bovespa                       108934.83          0.68
 Mexico IPC                                   -             -
 Chile IPSA                             4798.96          1.16
 Argentina MerVal                      36888.22         3.204
 Colombia IGBC                                -             -
                                                             
            Currencies                 Latest      Daily %
                                                    change
 Brazil real                             3.9867          0.19
 Mexico peso                            19.1090         -0.03
 Chile peso                               736.2          0.41
 Colombia peso                          3318.69         -0.01
 Peru sol                                3.3338          0.31
 Argentina peso (interbank)             59.7500         -0.01
                                                 
 

 (Reporting by Sruthi Shankar in Bengaluru
Editing by Alistair Bell)
  
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