July 23, 2018 / 9:39 PM / 5 months ago

EMERGING MARKETS-Mexico peso strengthens after Trump NAFTA comments

    By Miguel Angel Gutierrez
    SAO PAULO, July 23 (Reuters) - Mexico's peso strengthened on
Monday after U.S. President Donald Trump spoke of doing
something "very dramatic and very positive" regarding NAFTA and
Mexico and praised the country's new president-elect.
    The peso also gained on upbeat comments about the
renegotiation of the North American Free Trade Agreement (NAFTA)
from Mexico's Economy Minister Ildefonso Guajardo, moving up
0.77 percent against the U.S. dollar through the day to 18.888
pesos per greenback.
    "We're talking to Mexico on NAFTA, and I think we're going
to have something worked out. The new president, terrific
person, I spoke to him at length on a call," Trump said.
    "We're talking to them about doing something very dramatic,
very positive for both countries."
    Mexico's Guajardo said earlier on Monday that there was
scope to revive efforts to rework NAFTA when trade ministers
from Mexico and the United States meet this week.
    The outlook for NAFTA talks has been an important driver for
the peso this year, since Mexico sends around 80 percent of its
exports to its northern neighbor.  
    Equities markets across the region were mostly weaker, with
Brazil's benchmark Bovespa index among the biggest
losers, falling more than 0.7 percent, after opening in the
black. The index performed well last week, rising some 1.24
percent on Friday alone.

Key Latin American stock indexes at 2025 GMT:    
 Stock indexes                               daily    YTD %
                                                 %   change
                                 Latest     change  
 MSCI Emerging Markets             1069.52   -0.05    -7.68
                                                    
 MSCI LatAm                        2627.84    -0.8    -7.08
 Brazil Bovespa                   77996.12   -0.73     2.09
 Mexico IPC                       48850.93   -0.12    -1.02
 Chile IPSA                        5407.59   -0.41    -2.82
 Chile IGPA                       27238.61   -0.36    -2.65
 Argentina MerVal                 27688.60    0.23    -7.91
 Colombia IGBC                    12257.34    0.29     7.80
 Venezuela IBC                    97619.43   -1.91  7628.31
    

 (Reporting by Gram Slattery, Iuri Dantas and Miguel Angel
Gutierrez; additional reporting by Paula Arend Laier; editing by
Jonathan Oatis and Tom Brown)
  
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