MERCADOS EMERGENTES-Latam FX sobe, sol do Peru escorrega no gabinete de choque

    * Peru's sol down 0.9%
    * Brazil's real leads gains, due on Wednesday
    * Chile Dec. economic activity disappoints 

 (Adds details on Peru, updates prices)
    By Shashank Nayar and Ambar Warrick
    Feb 1 (Reuters) - Most Latin American currencies rose on
support from strong commodity prices on Tuesday, while the
Peruvian sol dropped on renewed political tensions after
President Pedro Castillo announced a surprise cabinet shake-up. 
    MSCI's index of Latin American stocks and
currencies rose 1.2% and 0.4%, respectively,
with the currencies of oil-exporting countries Mexico
and Colombia benefiting from strong crude prices.
    Brazil's real rose 0.5% to a four-month high
on support from expectations of higher iron ore demand and
rising interest rates. 
    The central bank of Latin America's largest economy is set
to further raise rates by 150 basis points to 10.25% in its
policy decision on Wednesday.
    Peru's sol dropped 0.9% as Castillo's cabinet shuffle
included his moderate prime minister pick, which sowed doubts
over whether his investor-friendly finance minister would
continue in the post.
    The move has renewed concerns over the possibility of
disruptive economic policies in the country, after a tumultuous
presidential election and an impeachment attempt last year. 
    Easing concerns over extreme left-leaning policies had
helped the sol appreciate in January. 
    The Chilean peso dipped 0.3% as the country's    
December economic activity fell short of market expectations.
But a rise in copper prices helped limit losses.

    Latin American assets have had a positive start to the year
with most currencies ending January higher as central banks in
the region have pushed ahead with aggressive rate hikes since
last year to curb inflationary pressures.
    The Mexican peso rose 0.2% to a one-week high after
lagging most of its regional peers in January.
    With data showing Mexico's economy entered a technical
recession in the last quarter of 2021, analysts expect further
interest rate hikes in the country to be more gradual.
    "While the inflation data and the hawkish-sounding Banxico
minutes of the December meeting point towards the central bank
delivering another large 50bp rate step at its meeting in early
February the weak growth outlook might cause it to take more
gradual steps," said Elisabeth Andreae, an analyst at
    In Argentina, a prominent lawmaker broke ranks with the
country's ruling party on Monday, rejecting a $44.5 billion
agreement struck in principle with the International Monetary
Fund late last week, a sign of cracks in the ruling coalition.

    Key Latin American stock indexes and currencies:
                              Latest     Daily % change
 MSCI Emerging Markets         1213.42              0.43
 MSCI LatAm                    2312.70              1.21
 Brazil Bovespa              112950.05              0.72
 Mexico IPC                   51552.39              0.43
 Chile IPSA                    4596.15              1.05
 Argentina MerVal             91662.46              0.83
 Colombia COLCAP               1544.56               0.5 Currencies             Latest     Daily % change
 Brazil real                    5.2765              0.53
 Mexico peso                   20.5883              0.18
 Chile peso                     802.12             -0.28
 Colombia peso                    3919              0.57
 Peru sol                       3.8719             -0.91
 Argentina peso               105.1100             -0.09

 (Reporting by Shashank Nayar in Bengaluru; 
Editing by Marguerita Choy and Andrea Ricci)
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