Pesos of Mexico, Colombia gain after local inflation reports
Updated at 1501 GMT
Fibra Macquarie announces shareholder backing for Terrafina takeover
Colombia 12-month inflation rate at 7.18% in June
Chile central bank issues new regulations on securitized bonds
Latam stocks up 0.6%, FX up 0.5%
By Johann M Cherian
July 9 (Reuters) -The Mexican and Colombian pesos were among the top gainers in Latin America on Tuesday, as signs of persistent price pressures in the region's oil exporters cast doubts on the outlook for interest rate cuts by local central banks.
Mexico's currency MXN= strengthened 0.4% to a two-week high after data showed headline inflation accelerated more than expected for the fourth-straight month in June on a boost from food costs.
Reflecting on the report, Bank of Mexico Deputy Governor Jonathan Heath said on social media platform X that domestic inflation in June was "very worrying".
Still, Kimberley Sperrfechter, emerging markets economist at Capital Economics, said: "While there's still a lot of uncertainty around the next rate decision in August, we think that the easing of core price pressures, alongside the weak run of activity data and the rebound in the peso leave an August rate cut in play."
Colombia's peso COP= appreciated 0.7% to a more than three-week high after data showed inflation stood at 0.32% in June, higher than expectations of 0.27% by economists polled by Reuters.
Chile's peso CLP= and Peru's sol PEN= also strengthened 0.8% and 0.7%, respectively, as prices of copper were steady. MET/L Chile and Peru are producers of the red metal.
Chile's central bank issued new regulations allowing banks to acquire securitized bonds with underlying assets of credits originated by the same institution, so-called retained securitization. Local sovereign bonds were largely flat.
MSCI's index tracking Latin American currencies .MILA00000CUS climbed 0.5% against the dollar, while Brazil's real BRL= climbed 0.6%, ahead of Wednesday's June inflation data, with economists expecting the index to rise to 4.35%, from 3.93% in the month before aided by increased government spending and a tight labour market.
MSCI's index tracking regional bourses .MILA00000PUS climbed 0.6%. The index has lost over 14.9% year-to-date as political uncertainty in the region's top economies, along with central banks delaying monetary policy easing, weighed on risk taking.
Brazilian stocks .BVSP inched up 0.1%, with Iguatemi IGTI11.SA climbing 1.3%, after the company signed a contract with Combrashop to take a 54% stake in Shopping Rio Sul.
Mexico's main stock index .MXX added 0.4%, with Fibra Macquarie FIBRAMQ12.MX slipping 0.1% after the real estate investment trust announced an offer to buy Terrafina Real Estate.
Chile's main stock index .SPIPSA fell 0.4%. Copper mining giant Codelco COBRE.UL is looking to buy a 10% stake in Canadian company Teck's TECKb.TO Quebrada Blanca copper mine from state-owned Enami for about $500 million, a report said.
Elsewhere, Argentine President Javier Milei signed a long-delayed pact with provincial governors. Local markets were closed on account of a holiday.
Key Latin American stock indexes and currencies:
Latin American market prices from Reuters | ||
Stock indexes | Latest | Daily % change |
MSCI Emerging Markets .MSCIEF | 1111.31 | 0.36 |
MSCI LatAm .MILA00000PUS | 2264.09 | 0.63 |
Brazil Bovespa .BVSP | 126823.37 | 0.22 |
Mexico IPC .MXX | 53097.75 | 0.36 |
Chile IPSA .SPIPSA | 6491.46 | -0.45 |
Argentina MerVal .MERV | 0.00 | 0 |
Colombia COLCAP .COLCAP | 1375.59 | -0.54 |
Currencies | Latest | Daily % change |
Brazil real BRBY | 5.4421 | 0.63 |
Mexico peso MXN=D2 | 17.9414 | 0.30 |
Chile peso CLP=CL | 931.4 | 0.88 |
Colombia peso COP= | 4020.6 | 0.59 |
Peru sol PEN=PE | 3.7827 | -0.17 |
Argentina peso (interbank) ARS=RASL | 917.0000 | -0.11 |
Argentina peso (parallel) ARSB= | 1420 | 0.00 |
Reporting by Johann M Cherian in Bengaluru
Editing by Matthew Lewis
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