EMERGING MARKETS-Latam stocks dip on trade woes; Brazil FX firms on strong Q3 GDP

 (Updates prices, adds asset manager's comment)
    * Brazil real surges after better-than-expected GDP
    * Traders cautious after Trump says no trade deal deadline
    * Latam is poised for economic growth - asset manager

    By Ambar Warrick and Susan Mathew
    Dec 3 (Reuters) - Latin American stock markets fell on
Tuesday, with Mexican shares touching a two-month low, as
comments by U.S. President Donald Trump sparked fears of a delay
in resolving the Sino-U.S. trade war.
    Global equities dropped after Trump said a trade deal with
China might be delayed until after the November 2020 U.S.
presidential election. Possible U.S. duties on French goods also
kept markets on edge.
    Investors had earlier expected an interim trade deal between
Washington and Beijing by mid-November, but the prospect of a
delayed conclusion now opens the door to a further escalation in
the tensions that have dogged risk assets for more than a year.
    Tuesday's comments come after Trump restored metal tariffs
on Brazil and Argentina on Monday, taking officials there by
    Argentina and Brazil plan to meet this week to discuss the
tariffs and are expected to meet members of the Mercosur trade
bloc on Wednesday.
    An index of Latin American stocks snapped a
four-day winning run and was down 0.2%. Shares in Colombia
, Brazil, Mexico and Chile gave up
between 0.8% and 0.1%, while Argentine equities lost
    "Trade headlines are certainly making for cautious trade in
markets ... the mood has certainly become less positive," said
William Jackson, chief emerging markets economist at Capital
    Regional currencies fared slightly better, with an index of
local units rising about 0.2% as the dollar held
declines following disappointing manufacturing data from the
United States on Monday.
    Brazil's real firmed 0.3% after data showed the
country's economy expanded faster than expected in the third
    Upward revisions to GDP figures for the first two quarters
this year also meant that Latin America's largest economy
steered further clear of recession than previously thought.
    Latam is poised for growth after years of underperformance,
Luiz Ribeiro, manager of the Latin America Equities fund at
asset manager DWS Group, told the Reuters Global Markets Forum
on Tuesday, forecasting regional growth would rebound in 2020 to
near 2%.
    Mexico's peso traded flat amid a push back by the
Mexican government against U.S. attempts to subject Mexico to
oversight of its labor market.
    President Andres Manuel Lopez Obrador said the Mexican
Senate should be consulted before changes to a new North
American trade deal are signed off.
    Key Latin American stock indexes and currencies at 1930 GMT:
    Stock indexes             Latest    Daily %
 MSCI Emerging Markets         1036.23     -0.38
 MSCI LatAm                    2658.21     -0.18
 Brazil Bovespa              108812.52     -0.11
 Mexico IPC                   42377.26     -0.39
 Chile IPSA                    4491.53     -0.22
 Argentina MerVal             32691.67    -2.258
 Colombia COLCAP               1586.14     -0.76
       Currencies             Latest    Daily %
 Brazil real                    4.2078      0.13
 Mexico peso                   19.5790     -0.01
 Chile peso                      802.6      0.07
 Colombia peso                  3500.4      0.07
 Peru sol                        3.389      0.06
 Argentina peso                59.9100      0.10
 (Additional reporting by Lisa Pauline Mattackal and Aaron
Saldanha ion Bengaluru; Editing by Giles Elgood)