EMERGING MARKETS-US, China data snaps Latam stocks losing streak

* Latin American stocks rise, break four-day losing streak

* Bovespa up 2.42 pct, IPC Mexico's IPC rises 1.25 pct

* IPC at new all-time high, Peru's IGRA highest since 2007 (Updates prices to close)

By Caroline Stauffer and Luciana Lopez

MEXICO CITY/SAO PAULO, Dec 1 (Reuters) - Latin American stocks followed gains in global bourses on Wednesday as investors focused on U.S. and Chinese data and were further cheered by efforts to resolve the EU's debt crisis.

The MSCI Latin America stock index .MILA00000PUS rose 2.43 percent after a four-session slide that took 2.4 percent off the index.

Regional bourses also gained, with Mexico's IPC index .MXX up 1.25 percent to close at its highest level ever at 27,277. Peru's IGRA .IGRA index gained 2.49 percent and closed at its highest level since October 2007.

Investors had dropped riskier assets in recent sessions on fears the fiscal crisis in Ireland could spread to other European countries.

But speculation grew on Wednesday that the European Central Bank could step up its purchases of government debt and a U.S. official told Reuters Washington would support boosting an EU rescue facility via IMF funds. [ID:nLDE6B00QU]

"The change in tendency started with the Chinese data and continued with the U.S. data," said Salvador Palma, managing director of Avila Capital Markets in New York.

But he cautioned that U.S. stocks, a major influence on equities worldwide, have not found a new top beyond their current range, which could lead to more volatility in coming sessions.

China reported that November factory production rose to a seven-month high, topping forecasts. For more, click on [ID:nTOE6B001C].

In addition, U.S. private sector payrolls increased by the biggest amount in three years in November, lifting optimism about the U.S. labor market ahead of Friday's key employment report. [ID:nN01127417]

The United States is a major trading partner with Latin America and China is a leading purchaser of the region's raw materials.

VALE LEADS IN BRAZIL

The data helped lift the Bovespa index by 2.42 percent in the afternoon. Shares of mining company Vale (VALE5.SA), which counts China as a major customer, led gains, closing up 2.56 percent. Vale is JPMorgan's top Brazil pick for December. [ID:nN01124934]

State-controlled energy company Petrobras (PETR4.SA) rose 2.72 percent while rival OGX (OGXP3.SA) jumped 4.52 percent on rising oil futures CLc1.

In Mexican trading, Telecommunications giant America Movil (AMXL.MX) led advancers, up 1.19 percent. The company is weighing the purchase of a stake in Serbia's state phone company Telekom Srbija. [ID:nN30269721]

"High frequency traders are very involved in America Movil so the fact that there is news and volume on that specific stock is perfect for them," said Avila's Palma.

Broadcaster Grupo Televisa (TLVACPO.MX) moved up 3.34 percent.

Chile's blue-chip IPSA stock index .IPSA cut gains late in the session to close at 4,956, equal to its final level on Tuesday.

Forestry and paper company CMPC CAR.SN led gains, rising 1.9 percent.