July 17, 2018 / 10:19 PM / a month ago

EMERGING MARKETS-Brazil's Bovespa rises on Fed chief's remarks

 (Updates prices)
    By Bruno Federowski
    BRASILIA, July 17 (Reuters) - Brazil's benchmark index rose
on Tuesday to its highest level in about six weeks after the
head of the U.S. Federal Reserve sounded an upbeat tone on the
U.S. economy that reinforced the scenario of a continued gradual
increase in interest rates. 
    Brazil's Bovespa gained nearly 2 percent, outdoing
other major Latin America markets.
    In prepared remarks before the Senate Banking Committee, Fed
Chairman Jerome Powell downplayed the impact of current global
trade policy discussions on the outlook for further monetary
tightening.
    Blue-chip shares, such as miner Vale SA and
lenders Itaú Unibanco Holding SA and Banco Bradesco
SA, added the most points to the benchmark index, as
investors made final adjustments to their portfolios ahead of
the start of the corporate earnings season.
    Mexico's S&P BMV IPC index lifted slightly, as
investors awaited second-quarter earnings for companies
including the index's heaviest-weighted, telecommunications firm
America Movil, on Tuesday after the market close.
    The company, controlled by the family of Mexican billionaire
Carlos Slim, reported second-quarter net profit of 818 million
pesos ($41.2 million), down 94.3 percent from the same period
last year. 
    Currencies across the region slipped except Colombia's peso,
which gained slightly.  
        
    Key Latin American stock indexes and currencies at 2028 GMT:
 Stock indexes                 Latest     Daily   YTD pct
                                           pct    change
                                         change   
 MSCI Emerging Markets         1,070.24        0    -7.61
                                                  
 MSCI LatAm                    2,617.45     1.53    -8.85
 Brazil Bovespa               78,130.30     1.93     2.26
 Mexico IPC                   48,704.63     0.52    -1.32
 Chile IPSA                    5,351.70     0.87    -3.83
 Chile IGPA                   27,063.65      0.8    -3.28
 Argentina MerVal             26,841.77      2.2   -10.72
 Colombia IGBC                12,257.14     -0.1     7.80
                                                         
 Currencies                      Latest    Daily  YTD pct
                                             pct   change
                                          change  
 Brazil real                     3.8445    -0.48   -13.85
 Mexico peso                    18.8975    -0.38     4.24
 Chile peso                      653.51    -0.60    -5.95
 Colombia peso                 2,870.05     0.16     3.90
 Peru sol                         3.272    -0.21    -1.07
 Argentina peso (interbank)     27.5200    -0.58   -32.41
                                                  
 Argentina peso (parallel)        28.75     0.35   -33.11
                                                  
 
 (Reporting by Bruno Federowski in Brasilia 
Additional reporting by Daina Beth Solomon in Mexico City;
Editing by Leslie Adler)
  
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