Top Stories
Top Stories

EMERGING MARKETS-Latam stocks extend losses on trade concerns, growth worries

May 7 (Reuters) - Latin American stocks extended losses on Tuesday as trade tensions between the United States and China continued to dampen risk sentiment, while currencies of net crude exporters in the region fell on lower oil prices. MSCI's index of Latin American stocks fell over 1 percent led by Brazil's Bovespa as investors stayed on the sidelines on uncertainty related to the Sino-U.S. trade talks. Despite U.S. President Donald Trump's threat to raise tariffs on Chinese imports, officials from Beijing are expected at talks in Washington this week to try and work out a trade deal. Market sentiment remained fragile with more nervousness creeping in after the European Commission lowered its growth forecast for the Eurozone for 2019 and 2020, adding to ongoing global growth jitters. Sao Paulo-traded stocks dropped over 1 percent, weighed down by losses in the financials sectors amid a mixed bag of earnings. The Latin American unit of Anheuser Busch InBev, Ambev slid on missing profit estimates for the first quarter on higher financial expenses. Brazilian fuel distribution company Petrobras Distribuidora rose 2.3 percent after posting a net income of 477 million reais in the first quarter, up 93 percent from year ago.

Vale slid over 1 percent after a court ordered it to halt operations at its Brucutu iron ore mining complex, reversing a lower court decision that had allowed the mining activities to resume. Mexican stocks fell over 1 percent led by mining group Grupo Mexico and telecom firm America Movil . Stocks in Chile slid over half a percent, while those in Colombia were mostly flat. Most currencies in the region slipped against a firm dollar with those of net crude exporters like Brazil and Mexico sliding more than 0.4 percent as oil prices took a hit.

Key Latin American stock indexes and currencies at 1425 GMT

Stock indexes daily % YTD %Latest change changeMSCI Emerging Markets 1056.67 -0.56 10.04MSCI LatAm 2650.36 -2.05 5.45Brazil Bovespa 93229.12 -1.87 6.08Mexico IPC 43588.61 -1.2 4.68Chile IPSA 5089.16 -0.68 -0.68Argentina MerVal 32466.77 -1.58 7.18Colombia IGBC 12544.48 -0.01 12.57Currencies daily % YTD %change change


Brazil real 3.9865 -0.73 -16.89Mexico peso 19.0404 -0.31 3.46Chile peso 683.4 -0.75 -10.06Colombia peso 3286.75 -1.02 -9.27Peru sol 3.315 -0.21 -2.35Argentina peso 44.8600 -0.36 -58.54


(Reporting by Agamoni Ghosh Editing by Susan Thomas)