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EMERGING MARKETS-Brazil stocks choppy on mixed earnings results
July 26, 2013 / 4:46 PM / 4 years ago

EMERGING MARKETS-Brazil stocks choppy on mixed earnings results

* Usiminas sees better-than-expected Q2 results
    * Dow and S&P dip on Amazon Q2 miss
    * Brazil Bovespa nearly flat, Mexico IPC up 0.44 pct

    By Lucas Iberico-Lozada
    SAO PAULO, July 26 (Reuters) - Brazilian stocks swung widely
on Friday as a dip in global markets offset gains made by local
steelmakers after some firms reported better-than-expected
second-quarter earnings results.
    Mexico's IPC index reversed the previous session's
losses, while Chile's bourse fell for the second session
in a row.
    U.S. stock markets put downward pressure on Brazilian shares
on Friday after a mixed bag of earnings results from
corporations such as Amazon and Starbucks left
investors cautious. Investor appetite for riskier assets was
also limited ahead of the U.S. Federal Reserve's policy-setting
meeting, scheduled for early next week. 
    "There isn't a specific indicator affecting markets today,"
said Fabio Goncalves, an analyst at Banrisul in Porto Alegre,
Brazil. "The movements we're seeing are the result of mixed
corporate news."
    Brazil's benchmark Bovespa stock index erased early
morning losses to trade nearly flat by the afternoon. The index
remains on track to close out July with its first monthly gain
of the year.
    Lender Banco Bradesco SA and mining firm Vale SA
 contributed most to the index's losses, while
steelmakers Usinas Siderúrgicas de Minas Gerais SA,
known as Usiminas, and Companhia Siderugica Nacional 
saw gains of 8.3 percent and 6 percent, respectively. 
    Shares of Usiminas soared after the company posted a smaller
than expected second-quarter loss. 
    Planemaker Embraer SA saw losses of 2.4 percent
after Chief Executive Frederico Curado said on Friday that the
company is experiencing early signs of weakening demand for its
Legacy 650 business jets. 
    Mexico's IPC index posted gains of 0.44 percent, on
track to close at a nearly-three week high near 40,900 points.
    Leading the index's gains was a 4 percent increase in shares
of telecommunications firm America Movil, controlled
by billionaire Carlos Slim. The company on Thursday posted an 8
percent gain in second-quarter profit compared to the previous
    Chile's IPSA index dropped 0.58 percent, falling for
the second day in a row as shares of retailer Falabella 
slipped 0.6 percent.
    Latin America's key stock indexes at 1613 GMT:
 Stock indexes                              daily %     YTD %
                              Latest         change    change
 MSCI LatAm                      3,213.40     -0.54    -14.93
 Brazil Bovespa                 49,027.54     -0.08    -19.56
 Mexico IPC                     40,930.46      0.44     -6.35
 Chile IPSA                      3,827.49     -0.58    -11.02
 Chile IGPA                     19,001.95     -0.54     -9.82
 Argentina MerVal                3,419.15     -0.21     19.79
 Colombia IGBC                  13,420.85     -0.60     -8.80
 Peru IGRA                      15,274.58      -0.4    -25.96
 Venezuela IBC               1,249,789.00         0    165.10

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