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MEXICO CITY, Jan 7 (Reuters) - Brazilian stocks fell on Tuesday after comments from S&P revived concerns that Latin America's top economy could see a credit downgrade this year while Mexican stocks rebounded from a more than one-month low.
Brazilian stocks were among the world's worst-performing equity markets last year as concerns about slow growth, high inflation hurt demand for local assets.
* Brazil's Bovespa lost 1.07 percent to end at 50,430.02 points the day after a new index weighting took effect, reducing the importance of stocks linked to commodities exports.
* Stocks were hit by media reports that the head of sovereign ratings at Standard & Poor's told reporters in New York that the agency may downgrade Brazil's credit rating later this year.
* That followed comments by a Moody's Investors Service analyst on Monday who said his agency may revise Brazil's rating outlook downward later this year if the economy disappoints in the first half of 2014.
* Motor vehicle sales in Brazil are likely to stage a feeble recovery this year after their first annual drop in a decade in 2013, an industry group said on Tuesday.
* Mexico's IPC index rose 0.61 percent to end at 41,778.60 as shares of broadcaster Televisa added 1.73 percent and top retailer Walmex gained 1.61 percent. The IPC had fallen in the prior four sessions to hit its lowest level since late November.
* While Brazil's Bovespa slumped about 15.5 percent last year, Mexico's IPC dipped just over 2 percent. Mexico was helped by optimism about an economic reform drive and signs that stronger growth this year could help stocks there.
* Data on Tuesday showed a sharp decline in the U.S. trade deficit that pointed to stronger growth in the United States, Mexico's top trade partner.