* Mexican shares push Latam stocks higher * Stocks up 0.1%, FX down 0.3% By Siddarth S Nov 6 (Reuters) - Most Latin American stocks opened the week higher on Monday, in a rally driven by Mexican shares, on hopes of an end to the U.S. Federal Reserve's rate hiking cycle. MSCI's gauge for Latin American equities rose 0.1% by 1622 GMT, after having gained nearly 6% last week, its best weekly gain in 2023. Latin American assets had faced a tough October but Fed Chair Jerome Powell's less hawkish tone and a weak jobs report last week bolstered bets that the central bank was done with its tightening cycle and lifted risk sentiment. The gradual relaxation of monetary policy and an improvement in inflation rates should help Latin American economies to reactivate, by stimulating weak demand and greater dynamism in the markets, rating agency Fitch Ratings said on Monday. The Mexican benchmark index jumped 1.6% on hopes of an end to Fed rate hikes. A slew of key interest rate decisions are due this week from the central banks of Mexico and Peru. The Mexican central bank is widely expected to keep benchmark interest rates steady at 11.25% on Thursday, according to a Reuters Poll. "Mexico's central bank have been quite stable in their commentary in recent weeks and the inflation data has almost backed this up. So I don't necessarily expect too much of a change in their stance," said Simon Harvey, head of FX analysis, Monex Europe. Mexico’s consumer confidence index stood at 46.0 in October when adjusted for seasonal factors, the national statistics agency said on Monday. However the Mexican peso declined 0.3%. The regional gauge for Latin American currencies fell 0.3%. Brazil's Finance Minister Fernando Haddad on Monday said the government is trying to precisely identify the impact of revenue shortfalls from past tax changes, acknowledging they will affect President Luiz Inacio Lula da Silva's new fiscal rules. The real was down 0.1%, while the Bovespa stock index also fell 2.2%. Shares of Embraer dropped 1.7% after the Brazilian planemaker kept its outlook for the full year unchanged but acknowledged it might be closer to meeting the low end of its delivery target range as it continues to grapple with supply chain issues. Production at Chile's largest copper mines was uneven in September, dragged down by weak performance from state-run miner Codelco, the Chilean Copper Commission (Cochilco) said on Monday. The Chilean peso dropped 0.5%, while the leading index of the Santiago Stock Exchange, the IPSA fell 0.4%. Colombian markets were closed due to a holiday on Monday. Key Latin American stock indexes and currencies at 1622 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 969.37 2.23 MSCI LatAm 2356.93 0.13 Brazil Bovespa 118504.58 0.29 Mexico IPC 52109.14 1.64 Chile IPSA 5599.87 -0.37 Argentina MerVal 637284.15 -2.57 Currencies Latest Daily % change Brazil real 4.8947 0.03 Mexico peso 17.5297 -0.46 Chile peso 880.4 -0.43 Peru sol 3.762 -0.71 Argentina peso 349.9500 0.04 (interbank) Argentina peso 905 2.21 (parallel) (Reporting by Siddarth S in Bengaluru, editing by Deepa Babington)
Delayed 05:26:18 2024-04-26 pm EDT | 5-day change | 1st Jan Change | ||
935.1 ARS | -0.22% | +1.04% | +4.79% |
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Stocks mentioned in the article
Price
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Change
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5d. change
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Capi.
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1,279,459 PTS | +4.39% | +27.95% | - | ||
126,526 PTS | +1.51% | +1.12% | - | ||
57,834 PTS | +1.34% | +3.76% | - | ||
9,235 PTS | +2.00% | +3.18% | - | ||
2,463 USD | +1.73% | +3.24% | - | ||
2,338 USD | +0.31% | -2.25% | - | ||
1,367 PTS | +0.20% | -2.12% | - | ||
1,042 USD | +1.26% | +2.25% | - | ||
935.1 ARS | -0.22% | +1.04% | - | ||
874.5 ARS | +0.11% | +0.58% | - | ||
508 PTS | +1.56% | +0.54% | - | ||
33.2 BRL | +5.87% | +7.37% | 4.76B | ||
27.2 USD | -0.52% | -5.11% | - | ||
18.33 MXN | -0.65% | +0.87% | - | ||
17.14 MXN | -0.37% | +0.36% | - | ||
12.62 MXN | -0.48% | +1.14% | - | ||
5.471 BRL | -1.05% | -2.16% | - | ||
1.249 USD | -0.12% | +0.47% | - | ||
1.069 USD | -0.32% | +0.46% | - | ||
0.731 USD | -0.14% | +0.67% | - | ||
0.6532 USD | 0.00% | +1.81% | - | ||
0.5938 USD | 0.00% | +0.88% | - | ||
0.012 USD | -0.16% | 0.00% | - | ||
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