EMERGING MARKETS-Brazil stocks track global shares up, Gerdau weighs
* Bovespa opens lower on earnings, rebounds after U.S. open * Gerdau shares down on weak first-quarter steel output * Brazil Bovespa rises 0.95 pct, Mexico IPC gains 0.15 pct By Asher Levine and Brad Haynes SAO PAULO, May 7 (Reuters) - Brazilian stocks tracked global markets higher on Tuesday as the outlook for ongoing monetary stimulus from the world's major central banks and encouraging industrial data from Germany fed demand for riskier assets. Chile's bourse rose for the fourth session in five, while weak sales at Mexico's biggest retailer limited an advance by the country's IPC index. German industrial orders rose unexpectedly in March due to strong demand from the euro zone, bolstering hopes for Europe's largest economy. "The production numbers in Germany were really good and that's helping stocks globally," said Pedro Galdi, an analyst with SLW Corretora in Sao Paulo. "But we're still seeing a lot of volatility with all the Brazilian corporate earnings today." Gains in Brazil's benchmark Bovespa stock index were limited as shares of oil producer OGX and steelmaker Gerdau both declined due to concerns over output. Gerdau SA's production in the first quarter fell from a year earlier due to maintenance, the company said Tuesday in an earnings release. OGX Petroleo e Gas Participacoes SA, the oil company controlled by billionaire Eike Batista, reported that plunging offshore oil output dragged down April production. Still, continued monetary stimulus from the world's central banks gave encouraging signs for the global economy. European Central Bank President Mario Draghi on Monday reiterated the bank's readiness to cut interest rates again if the euro zone economy deteriorates further. Australia's central bank cut interest rates to a record low on Tuesday, signalling there was room for more easing. Mexico's IPC index gained 0.15 percent as a technical trend indicator known as the MACD neared a bullish cross, suggesting the bourse could soon turn around a 4 percent slide over the past three weeks. Shares in Mexico's biggest retailer, Wal-Mart de Mexico , fell more than 2 percent after it reported a decline in April sales at stores that had been open for at least a year. Chile's IPSA index rose 0.32 percent, although a technical indicator known as the slow stochastics neared a sell signal in overbought territory, pointing to limited room for more gains after a 2 percent rally over the past week. Latin America's key stock indexes at 1508 GMT: Stock indexes Latest daily % YTD % change change MSCI LatAm 3,784.72 1.01 -1.34 Brazil Bovespa 55,957.78 0.95 -8.19 Mexico IPC 42,263.14 0.15 -3.30 Chile IPSA 4,342.58 0.32 0.96 Chile IGPA 21,223.86 0.21 0.73 Argentina MerVal 3,986.30 0.95 39.66 Colombia IGBC 13,421.56 0.07 5.97 Peru IGRA 17,597.54 -0.61 -14.70 Venezuela IBC 681,531.81 0 44.56
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