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Bovespa keeps a lid on Latam shares; Currencies slide

July 19 (Reuters) – Latin American shares were subdued on Friday as losses in Brazil’s Bovespa eclipsed gains made by other indices, while currencies in the region were mostly lower against a firm dollar. MSCI’s index of Latin American stocks was flat but on track to snap a three-week losing streak. Emerging market assets had a good run this week as dovish comments cementing the hopes of a rate cut later this month from the U.S. Federal Reserve stirred demand for riskier assets. Heavyweight Sao Paulo-traded stocks led losses, down 0.6% with financials weighing on the benchmark as optimism stoked by Brazil’s pension reform vote faded. Investors are now looking forward to the unveiling of an economic stimulus package on July 24, which was announced by President Jair Bolsonaro’s administration to revive flagging growth in Latin America’s largest economy. Mexican stocks moved 0.4% higher with mining giant Grupo Mexico providing the biggest boost after President Andres Manuel Lopez Obrador said he will seek an agreement with the company before making any “drastic decision” after a recent spill of sulfuric acid in the Gulf of California. Stocks in Chile and Colombia rose between 0.1% and 0.4%, while those in Argentina were flat. Most currencies in the region edged lower as the dollar recovered its overnight losses with Brazil’s real shedding nearly half a percent. Chile’s peso slid 0.4% tracking lower copper prices, the country’s main export. Key Latin American stock indexes and currencies at 14:35 GMT Stock indexes daily % Latest change MSCI Emerging Markets 1059.37 0.73 MSCI LatAm 2934.47 0.01 Brazil Bovespa 104219.26 -0.47 Mexico IPC 41857.33 0.57 Chile IPSA 5056.90 0.40 Argentina MerVal 40829.78 0.13 Colombia IGBC 12856.19 0.21 Currencies daily % Latest change Brazil real 3.7397 -0.60 Mexico peso 19.0330 -0.46 Chile peso 686.1 -0.31 Colombia peso 3169.45 -0.08 Peru sol 3.284 0.06 Argentina peso 42.3900 0.15 (interbank) (Reporting by Agamoni Ghosh in Bengaluru Editing by Chizu Nomiyama)

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