(Recasts with gains in Brazil)
SAO PAULO, Nov 28 Brazilian stocks got a lift on
Monday and its currency gained on hopes the county's new
president will be able to push through fiscal reform plans,
while other Latin American currencies strengthened as crude
The region's currencies were also supported by a pullback in
the dollar, which had rallied sharply following Donald Trump's
surprise victory in the Nov. 8 U.S. presidential election.
Brazilian stocks rose more than 2 percent after news
the Senate would soon start voting on fiscal proposals eased
concerns that a political scandal could delay the agenda of
President Michel Temer.
A congressional leader said Monday that Brazilian senators
are likely to overwhelmingly vote for the imposition of budget
spending caps on Tuesday.
Brazil's agenda of fiscal reform could drive further
portfolio investment into the region's top economy, while
Mexican assets remain vulnerable to concerns about possible
anti-free trade policies by the Trump administration.
Oil prices recouped some losses after a slump since Friday
on concerns major oil producers would fail to reach an agreement
this Wednesday to curb a supply overhang that has more than
halved prices since 2014.
Currencies from oil-heavy economies, such as the Colombian
and Mexican pesos, rose sharply.
Mexico's oil regulator announced on Monday a final list of
17 oil companies representing a dozen countries that may bid on
the country's first-ever deep-water oil auctions, set for Dec.
Successful auctions could spur billions of dollars in
investments, which would support the battered Mexican peso.
Share prices across Latin America will likely rise at a
slower pace next year as higher U.S. interest rates, a stronger
dollar and political turmoil in some of the region's top markets
offset the impact of a rally in commodities, Morgan Stanley
strategists said on Monday.
Key Latin American stock indexes and currencies at 2100 GMT:
Stock indexes daily YTD %
MSCI Emerging Markets 863.76 0.93 7.76
MSCI LatAm 2338.89 1.86 25.49
Brazil Bovespa 62855.50 2.11 45.00
Mexico IPC 45470.61 0.25 5.80
Chile IPSA 4202.75 -0.19 14.20
Chile IGPA 20995.34 -0.14 15.67
Argentina MerVal 17168.64 -1.24 47.05
Colombia IGBC 9584.53 -0.43 12.13
Venezuela IBC 29028.40 3.64 98.98
Currencies daily YTD %
Brazil real 3.3840 0.83 16.64
Mexico peso 20.6500 0.24 -16.56
Chile peso 674.8 0.68 5.17
Colombia peso 3150.55 0.78 0.59
Peru sol 3.416 0.15 -0.06
Argentina peso (interbank) 15.5400 0.00 -16.46
Argentina peso (parallel) 16.04 -0.06 -11.03
(Reporting by Claudia Violante and Flavia Bohone in Sao Paulo
and Michael O'Boyle in Mexico City; Editing by Jonathan Oatis)