Latam stocks, FX muted ahead of rate decision flurry
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Brazil's Suzano readies $15 bln bid for International Paper
Chile central bank says economy recovering but some sectors lag
Brazil's Itau may pay extra dividend this year, says CEO
Stocks up 0.2%, FX off 0.1%
Updated at 1931 GMT
By Shashwat Chauhan and Johann M Cherian
May 7 (Reuters) -Most Latin American currencies and stocks were little changed on Tuesday, as investors stepped to the sidelines on caution ahead of a slew of central bank rate decisions and economic data out of the region.
MSCI's gauge for Latin American stocks .MILA00000PUS inched up 0.2%, while the currencies index .MILA00000CUS dipped 0.1% against the dollar, ending a three-day winning streak, by 1931 GMT.
As the largest economy in the region, Brazil will be the focus on Wednesday, as its central bank is widely expected to cut interest rates by at least 25 basis points. The real BRL= was largely flat.
Mexico's peso MXN= slipped 0.2%, with Banxico seen holding rates at 11% at its policy meeting later in the week. Investors will also keep a close watch on April inflation readings out of the region's second-largest economy.
"Services sector inflation is still relatively high in Mexico and it looks like it may be trending a bit higher," said Brendan McKenna, international economist and FX strategist at Wells Fargo Securities.
"It will take a little bit longer for Mexico to ultimately deliver consistent interest rate cuts ... it wouldn't be surprising to see a pause in easing cycle this week."
Among currencies of major economies in the region, oil exporter Mexico's peso has held on to gains, so far into the year benefiting also from higher oil prices and the impact of near-shoring activity.
Among others, Chile's peso CLP= declined 0.7%. The local central bank said that the copper producer's economy is broadly recovering, though some sectors have lagged and financial market depth has not yet returned to levels seen before the pandemic.
On the equities front, Brazil's Bovespa stock index .BVSP added 0.5%, briefly touching a four-week high.
Itau Unibanco ITUB4.SA jumped nearly 2% after Chief Executive Milton Maluhy Filho said the lender has been working with some excess of capital and will "calibrate" it toward the end of the year to potentially pay extra dividends.
Embraer EMBR3.SA slipped over 2% after the plane maker reaffirmed its full-year outlook and rebuffed speculation that it plans to develop a new jet.
Rede D'Or RDOR3.SA jumped almost 9.3% after the Brazilian health group recorded a 165.2% jump in first-quarter net profit, beating market expectations.
Suzano SUZB3.SA tumbled 12.5% after Reuters reported that the Brazilian pulp and paper company approached U.S.-based International Paper IP.N to express interest in an all-cash acquisition that would be worth almost $15 billion.
Among other major movers, Chile's main index .SPIPSA added 1.2%, while Argentina's MerVal index .MERV shed 2.4%.
Key Latin American stock indexes and currencies at 1931 GMT:
Latin American market prices from Reuters | ||
Stock indexes | Latest | Daily % change |
MSCI Emerging Markets .MSCIEF | 1067.62 | 0.08 |
MSCI LatAm .MILA00000PUS | 2502.54 | 0.22 |
Brazil Bovespa .BVSP | 129139.89 | 0.52 |
Mexico IPC .MXX | 57121.42 | -0.28 |
Chile IPSA .SPIPSA | 6580.04 | 1.28 |
Argentina MerVal .MERV | 1460367.68 | -2.371 |
Colombia COLCAP .COLCAP | 1385.02 | 0.37 |
Currencies | Latest | Daily % change |
Brazil real BRBY | 5.0687 | 0.10 |
Mexico peso MXN=D2 | 16.8991 | -0.23 |
Chile peso CLP=CL | 936.3 | -0.69 |
Colombia peso COP= | 3889.33 | 0.09 |
Peru sol PEN=PE | 3.7123 | 0.09 |
Argentina peso (interbank) ARS=RASL | 880.5000 | 0.00 |
Argentina peso (parallel) ARSB= | 1020 | 2.45 |
Reporting by Shashwat Chauhan and Johann M Cherian in Bengaluru
Editing by Kirsten Donovan and Matthew Lewis
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