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EMERGING MARKETS-Brazil stocks rise to 7-month high, Mexico up
October 23, 2013 / 12:27 AM / 4 years ago

EMERGING MARKETS-Brazil stocks rise to 7-month high, Mexico up

MEXICO CITY, Oct 22 (Reuters) - Brazilian stocks rose to
their highest in seven months on Tuesday after
weaker-than-expected U.S. payrolls data supported the view that
the Federal Reserve may maintain its accommodative monetary
policy into next year.
    Brazilian stocks have been recovering from a four-year low
hit in July as investors bet the worst of an economic slowdown
has passed. Mexican stocks fell off a record high at the start
of the year and have been pressured by slowing growth there.
    * Brazil's benchmark Bovespa stock index gained 0.68
percent to close at its highest since March 18 and just above a
key resistance level of 56,400. The level could spur
profit-taking, but if stocks can rise higher, they may see
extended gains.
    * Data on Tuesday showed U.S. employers added fewer workers
than expected in September, suggesting the world's largest
economy may not be strong enough to warrant a slowdown in the
Fed's economic stimulus program, which has supported demand for
global equities. 
    * Iron ore exporter Vale SA advanced 1.33
percent, after the world's biggest miner BHP Billiton 
upgraded its full-year iron ore output target, raising hopes
that Vale would also see better results. 
    * The optimism also helped steelmaker Companhia Siderurgica
Nacional SA climb 4.11 percent.
    * Preferred shares of state-run oil company Petroleo
Brasileiro SA, known as Petrobras, fell 1.75 percent
as investors took profits on a more than 5 percent jump in the
previous session after following the conclusion of a Brazilian
offshore oil field auction. 
    * Mexico's IPC index rose 1.16 percent. The IPC has
been trading in an increasingly narrow range in recent weeks.
Most major companies will report earnings later this week.
    * Mining firm Grupo Mexico advanced 3.05
percent though shares of telecommunications firm America Movil
, controlled by billionaire Carlos Slim, fell 0.5
percent.     

    Latin America's key stock indexes at 0000 GMT:
 Stock indexes                           daily %    YTD %
                                          change   change
                              Latest              
 MSCI LatAm                    3,505.80     0.89    -7.69
                                                  
 Brazil Bovespa               56,460.38     0.68    -7.37
                                                  
 Mexico IPC                   40,813.48     1.16    -6.62
                                                  
 Chile IPSA                    3,894.86     0.08    -9.45
                                                  
 Chile IGPA                   19,163.01      0.1    -9.05
                                                  
 Argentina MerVal              5,616.31    -0.81    96.77
                                                  
 Colombia IGBC                14,313.23    -0.49    -2.74
                                                  
 Peru IGRA                    16,285.81     2.32   -21.06
                                                  
 Venezuela IBC                1,990,723     1.38   322.27
                                    .36

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