Brazil, Chile lead Latam FX and stocks higher on commodities boost
Mexico's inflation undershoots forecasts ahead of rate decision
Uncertainties prevent indication of future tightening steps- Brazil c.bank
Copper, iron ore, oil prices jump on China's stimulus measures
Latam FX up 1%, stocks up 2.5%
Updated at 3:25 p.m. ET/ 1925 GMT
By Ankika Biswas and Shashwat Chauhan
Sept 24 (Reuters) -Stocks and currencies of Latin American countries jumped on Tuesday, boosted by sharp gains in commodity prices on a strong demand outlook following China's wide-ranging stimulus measures, with Brazil's real and Chile's peso in the lead.
The MSCI index for Latam currencies .MILA00000CUS climbed 1%, while the stocks index .MILA00000PUS advanced 2.5%, on track for its biggest one-day gain in more than a month.
The gains in Latam assets were in line with their broader emerging market peers, with the MSCI EM stocks index .MSCIEF jumping 2.1% and hitting a two-year high.
With copper prices hitting 10-week highs on the back of top metals consumer China's stimulus measures, the largest copper producer Chile's peso CLP= strengthened 1.4% against the dollar to hit a near one-month high.
Iron ore futures also logged their largest intraday gain in over a year, likely aiding the 1.4% rise in Brazil's real BRL=. Miner Vale VALE3.SA, one of the world's largest iron ore miners, jumped 5.3%, among the top gainers on Brazil's main stock index .BVSP.
Brazil's central bank said it gave no indication of its next steps regarding the pace and magnitude of a tightening cycle due to uncertainties, instead insisting on its "firm commitment" to bringing inflation to the target.
The central bank's chief Roberto Campos Neto also noted market concerns over the country's fiscal outlook have affected long-term rates, but played them down as exaggerated.
An around 2% jump in oil prices also lifted the Mexican peso MXN= and Colombian peso COP= by 0.4% and 0.1%, respectively. The Mexican benchmark stock index .MXX also gained over 2% to hit a one-month high.
Data showed Mexico's annual inflation slowed more than expected in the first half of September, paving the way for another interest rate cut. The country's policy decision is due on Thursday.
According to asurvey released by Reuters, 19 of the 20 analysts who responded expect the central bank to lower its benchmark interest rate by 25 basis points to 10.50%.
Striking a different tone, economists at Deutsche Bank expect Banxico to cut by 50 bps due to "additional leeway afforded by the Fed, the limited market reaction to the pipeline of constitutional reforms being adopted, and the dovish bias of the Board's majority."
Elsewhere, Hungary cut its base rate by another 25 basis points to 6.5%, aided by a fall in inflation and last week's larger-than-usual cut by the Federal Reserve.
HIGHLIGHTS:
** Russia to increase budget spending in 2025 to $446.24 bln, Russia's prime minister says
** Nigeria surprises with a rate hike to 27.25%
Key Latin American stock indexes and currencies:
Equities | Latest | Daily % change |
MSCI Emerging Markets .MSCIEF | 1134.08 | 2.11 |
MSCI LatAm .MILA00000PUS | 2270.6 | 2.49 |
Brazil Bovespa .BVSP | 132388.22 | 1.39 |
Mexico IPC .MXX | 53630.69 | 2.31 |
Chile IPSA .SPIPSA | 6449.56 | 1.18 |
Argentina Merval .MERV | 1780048.74 | -0.569 |
Colombia COLCAP .COLCAP | 1331.3 | 0.69 |
Currencies | Latest | Daily % change |
Brazil real BRL= | 5.4597 | 1.39 |
Mexico peso MXN= | 19.3362 | 0.41 |
Chile peso CLP= | 908.5 | 1.4 |
Colombia peso COP= | 4152.75 | 0.12 |
Peru sol PEN= | 3.7497 | 0.36 |
Argentina peso (interbank) ARS=RASL | 965 | 0.051813472 |
Argentina peso (parallel) ARSB= | 1225 | 1.632653061 |
Interest rates in Latin America vs US over the last year https://tmsnrt.rs/3ZC2R7N
Reporting by Ankika Biswas and Shashwat Chauhan in Bengaluru; Editing by Andrea Ricci and Aurora Ellis
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