Mercados Emergentes – Os booms reais do Brasil são baseados em apostas de estímulo, enquanto o peso mexicano esfria

    * Most Latam currencies gain
    * Brazilian stocks rise on Santander results
    * Brazil rate hike possible in Q1-economist

    By Ambar Warrick
    Feb 3 (Reuters) - Brazil's real extended gains into a third
session on Wednesday as expectations of COVID-19 relief measures
helped offset weak economic data, while Mexico's peso was flat
after a series of steep gains this week.
    The real added 0.5% to the dollar after the country's
newly elected congressional leadership said they would seek ways
to extend pandemic relief payments to impoverished citizens
while respecting a constitutional spending cap.
    Reports of the move, as well as President Jair Bolsonaro
getting a stronger standing in Congress, had pushed up the
currency this week. But it was still nursing steep losses from
last month, and was trading negative for the year.
    Brazil's central bank also warned that more fiscal spending
could erode the country's fiscal credibility. Signs of
increasing inflation in the country also pointed to pressure on
the bank to hike interest rates. 
    "The (central) bank could be willing to front-load rate
hikes in order to prevent the shocks spreading to other prices
in the economy," economists at TS Lombard wrote in a note.
    "The extension of the emergency aid would give the central
bank even more arguments to hike as early as March: the
additional fiscal stimulus could help offset the lower level of
monetary stimulus while demanding a more cautious stance of the
bank amid the rising fiscal risks."
    Brazilian stocks rose in early trade after Banco
Santander Brasil SA, one of the biggest banks in the
country, beat fourth-quarter profit estimates. The stock rose
more than 3%.
    Mexico's peso was muted after rallying 2.4% over the
past two days. The currency has been supported by a spike in
silver prices and increasing optimism over bumper stimulus
measures in the United States, which is a major trading partner.
    Losses in the peso were somewhat mitigated by stronger oil
    Risk appetite has also improved this week, enabling large
gains across emerging market assets on the rollout of global
vaccine programs in the space, as well as expectations of more
stimulus measures. But most of them are still trading negative
for the year.
    The currency of oil exporter Colombia rose 0.4% as
oil prices neared a one-year high boosted by a draw in U.S.
crude and gasoline stocks, which fueled demand recovery hopes.

    Key Latin American stock indexes and currencies:
                              Latest       Daily % change
 MSCI Emerging Markets         1389.54                   0.6
 MSCI LatAm                    2402.34                  1.33
 Brazil Bovespa              119401.03                  0.99
 Mexico IPC                       0.00                     0
 Chile IPSA                    4412.10                 -0.11
 Argentina MerVal                    -                     -
 Colombia COLCAP               1368.30                     - Currencies             Latest       Daily % change
 Brazil real                    5.3266                  0.51
 Mexico peso                   20.1137                  0.01
 Chile peso                      729.4                  0.25
 Colombia peso                 3514.64                  0.36
 Peru sol                       3.6297                  0.15
 Argentina peso                87.7900                 -0.09

 (Reporting by Ambar Warrick in Bengaluru; Editing by Andrea

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