February 28, 2018 / 7:44 PM / 8 months ago

EMERGING MARKETS-Mexican stocks post worst month since 2011 amid Fed, NAFTA worries

    SAO PAULO, Feb 28 (Reuters) - Mexican equities fell sharply
again on Wednesday, posting their biggest monthly loss since
September 2011, as a mediocre corporate results season wrapped
up and uneasy negotiations continued for the North American Free
Trade Agreement.
    Markets also continued to be spooked following a relatively
hawkish speech by the newly appointed head of the Federal
Reserve Jerome Powell that raised speculation about increased
monetary tightening in the United States in 2018.
    In a note to clients, Mexican brokerage Monex said global
markets were continuing to show mixed movements, but with a
downward bias, after Powell's speech.
    The benchmark IPC index was trading of 0.64 percent
in the afternoon.
    Elsewhere, equities in every major Latin American market
were trading in the red. 
    Brazil's Bovespa was among the biggest losers,
falling 0.82 percent, in part due to some major isolated price
movements following results and other corporate events.
    Shares in major Brazilian miner Vale SA fell 2.4
percent in afternoon trade following fourth quarter results that
missed analysts estimates.
    Shares in major planemaker Embraer SA posted the
biggest loss, falling as much as 4.9 percent after a report in
Brazilian newspaper O Globo said that newly appointed defense
minister Joaquim Silva e Luna has been one of the most avid
opponents of a proposed joint venture between Embraer and U.S.
planemaker Boeing SA.
    However, Embraer pared losses to 3.9 percent after a comment
from the company's chief executive saying he expected the talks
to be concluded in the first half of 2018.
    
Key Latin American stock indexes and currencies at 1903 GMT:
    
 Stock indexes                           daily %     YTD %
                             Latest       change    change
 MSCI Emerging Markets         1197,15     -1,25      4,65
                                                  
 MSCI LatAm                    3103,39     -0,67     10,47
                                                  
 Brazil Bovespa               86221,49     -0,82     12,85
                                                  
 Mexico IPC                   47665,17     -0,64     -3,42
                                                  
 Chile IPSA                    5608,93     -0,59      0,80
                                                  
 Chile IGPA                   28155,66     -0,55      0,63
                                                  
 Argentina MerVal             32759,64      0,75      8,96
                                                  
 Colombia IGBC                11555,16     -1,78      1,62
                                                  
 Venezuela IBC                 4242,88     -5,26    -86,62
                                                  
                                                          
 Currencies                              daily %     YTD %
                                          change    change
                                Latest            
 Brazil real                    3,2362      0,35      2,38
                                                  
 Mexico peso                   18,7820      0,36      4,88
                                                  
 Chile peso                     593,98     -0,32      3,48
                                                  
 Colombia peso                  2864,5     -0,33      4,10
 Peru sol                        3,266     -0,43     -0,89
                                                  
 Argentina peso                20,1100      0,65     -7,51
 (interbank)                                      
                                                  
 Argentina peso                  20,22      0,30     -4,90
 (parallel)                                       
                                                  
 
 (Reporting by Gram Slattery
Editing by Chizu Nomiyama)
  
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