Latam FX slip, Brazil's Copom rate verdict on tap
Brazil rate decision awaited
Colombia April inflation data on tap
Telefonica Brasil down after missing qrtly profit estimates
Brazil's BRF shares rise almost 14% after strong Q1 results
Stocks off 0.4%, FX down 0.6%
Updated at GMT 1900
By Shashwat Chauhan and Johann M Cherian
May 8 (Reuters) -Currencies of most resource-rich Latin American nations slipped on Wednesday, led byBrazil's real as investors exercised caution ahead of a central bank policy decision expected laterin the day.
The Brazilian currency BRL= weakened0.5% as investors braced for the Copom's decision expected at around 2100 GMT, and any remarks on the outlook for monetary policy. Economists polled by Reuters widely expect a cut of at least 25 basis points, a third rate cut this year.
"Expectations for today's decision have swung around in recent weeks, as cautious comments from policymakers, (currency) weakness, and rising U.S. yields challenged an improvement in inflation trends in recent prints after some uncomfortable readings at the start of the year," said Juan Manuel Herrera, senior economist at Scotiabank.
Oil producer Mexico's peso MXN= traded not far away from the unchanged mark as markets awaited April inflation data and an interest rate decision by Banxico on Thursday.
Currency of fellow oil producer Colombia COP= dipped 0.1%ahead of the release of April consumer prices data at around 2300 GMT. A Reuters poll showed the Consumer Price Index (CPI) cooling to 7.15%, from 7.36% in the month before.
Chile's peso CLP= inched up0.2% against the greenback. Data showedconsumer prices in the copper producer rose more than expected in April.
As of 1900 GMT, MSCI'sindex for Latin American currencies .MILA00000CUS lost 0.6% on track to snap a four-day winning streak, while a gauge of stocks .MILA00000PUS lost 0.4%.
Currencies in the region have taken a hit since the beginning of the year as regional central banks initiated rate-cutting cycles and as the dollar strengthened on uncertainty on the U.S. Federal Reserve's first interest rate cut. Mexico's Peso, however, has outperformed regional peers.
Among regional equity indexes, Brazil's Bovespa <.BVSP> climbed 0.1%, with BRF SA BRFS3.SA jumping over 14% after the pork and chicken processor reportedstrong quarterly results on better pricing in export markets and lower grain costs.
Telecommunications operator Telefonica Brasil VIVT3.SA slipped more than 5% after posting a net profit below analysts' expectations.
Ambev SA ABEV3.SA posted asmall decline in net profit for the first quarter sending shares of the brewer down over 3%.
Chile's main index .SPIPSA added 1.9%, with Falabella FALABELLA.SN jumping 12% after the retailerswung to first-quarter net profit from a year-ago loss.
Key Latin American stock indexes and currencies:
Latin American market prices from Reuters | ||
Stock indexes | Latest | Daily % change |
MSCI Emerging Markets .MSCIEF | 1066.40 | -0.17 |
MSCI LatAm .MILA00000PUS | 2499.60 | -0.46 |
Brazil Bovespa .BVSP | 129367.29 | 0.12 |
Mexico IPC .MXX | 57105.86 | 0 |
Chile IPSA .SPIPSA | 6623.27 | 1.95 |
Argentina MerVal .MERV | 1449740.80 | -0.949 |
Colombia COLCAP .COLCAP | 1382.98 | 0.17 |
Currencies | Latest | Daily % change |
Brazil real BRBY | 5.0957 | -0.56 |
Mexico peso MXN=D2 | 16.8927 | -0.10 |
Chile peso CLP=CL | 937.2 | -0.03 |
Colombia peso COP= | 3899.3 | -0.25 |
Peru sol PEN=PE | 3.715 | -0.16 |
Argentina peso (interbank) ARS=RASL | 881.5000 | -0.06 |
Argentina peso (parallel) ARSB= | 1020 | 1.96 |
Most Latin American currencies down so far this year https://tmsnrt.rs/44zmHkz
Reporting by Shashwat Chauhan and Johann M Cherian in Bengaluru; editing by Philippa Fletcher and Nick Zieminski
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