March 8, 2018 / 5:46 PM / 8 months ago

EMERGING MARKETS-Brazil stocks fall on iron ore, corporate news

    By Bruno Federowski
    BRASILIA, March 8 (Reuters) - Brazilian stocks were the
biggest decliners among Latin American equity markets on
Thursday, weighed down by falling prices of iron ore and a heavy
batch of corporate updates.
    Shares of miner Vale SA subtracted the most
points from Brazil's benchmark Bovespa stock index as
soft Chinese demand hammered iron ore futures.
    Concerns of a global trade war also hurt demand for
commodity-linked assets, especially after China warned it will
respond "as necessary" should such a conflict emerge with the
United States.
    Nervousness around U.S. President Donald Trump's recent plan
to slap tariffs on steel and aluminum exports has kept a lid on
gains in emerging markets as investors refrained from making
risky investments.
    Shares in Embraer SA dropped 3.8 percent after
the planemaker reporter lower-than-expected quarterly profits
due to weaker deliveries to airlines and writedowns. 
    Retailers with a heavy online presence, such as Magazine
Luiza SA and Via Varejo SA, also fell
after Reuters reported that Amazon.com Inc is discussing plans
to stock and sell products from consumer electronics to perfume
in the country.
    Shares of Localiza Rent a Car SA, however, jumped
6.7 percent to an all-time high after fourth-quarter net income
surged 27 percent.
    Latin American currencies seesawed as investors awaited new
developments regarding Trump's protectionist plans. Such
concerns also drove prices of copper lower, pushing the Chilean
peso to a one-month low.
    
    Key Latin American stock indexes and currencies at 1720 GMT:
 Stock indexes                                daily %   YTD %
                                               change  change
                                   Latest              
 MSCI Emerging Markets               1193.31     0.35    2.65
 MSCI LatAm                          3059.69    -0.83     9.1
 Brazil Bovespa                     84795.04    -0.81   10.99
 Mexico IPC                         47863.21     0.42   -3.02
 Chile IPSA                          5567.68     0.33    0.06
 Chile IGPA                         27877.86     0.27   -0.37
 Argentina MerVal                   32779.33     0.11    9.03
 Colombia IGBC                      11390.19    -0.04    0.17
 Venezuela IBC                       4928.78     1.25  -84.45
                                                             
 Currencies                                   daily %   YTD %
                                               change  change
                                      Latest           
 Brazil real                          3.2621    -0.59    1.57
 Mexico peso                         18.7425    -0.17    5.10
 Chile peso                            606.2    -0.59    1.39
 Colombia peso                       2878.05    -0.44    3.61
 Peru sol                              3.254    -0.03   -0.52
 Argentina peso (interbank)          20.3500     0.29   -8.60
                                                       
 Argentina peso (parallel)             20.46     0.20   -6.01
                                                       
 
 (Reporting by Bruno Federowski; Editing by Jonathan Oatis)
  
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