Oil and Gas

EMERGING MARKETS-Latam FX rises for sixth straight session against see-sawing dollar

      Colombia's peso hits over 7-week highs against dollar

      Peru may tap capital markets this year to better manage

      Brazil's Lula cancels trip to China 

      No date yet for Brazil's new fiscal framework -minister

      Latam stocks up 1.5%, FX adds 0.7%

 (Updates prices, details)
    By Bansari Mayur Kamdar
       March 27 (Reuters) - Colombia's peso rallied over 1% as
the U.S. dollar slipped on Monday, leading Latin American
currencies higher for their sixth straight session as fears of a
global banking crisis ebbed.
    Latin American markets tracked the recovery in their U.S.
peers after First Citizens BancShares said it would
take the deposits and loans of failed Silicon Valley Bank
, helping calm fears of banking contagion.
    The MSCI's index for Latam currencies gained
0.7% by 1850 GMT.
    "What you're seeing today is not necessarily a return to
risk appetite or anything major like that, but the nature of
last week's chaos did give a bad taste and reminder of what 2008
was like," said Juan Perez, director of trading at Monex USA.
    The FX index was on track to end the first quarter 5.8%
higher, outpacing EM peers, supported by a
weakening dollar and firm commodity prices.
    The peso rose 1.4% against a subdued dollar, hitting
its highest level in over seven weeks, with firm crude prices
also supporting the currency of the oil producer.
    Investors focused on Colombia's central bank, which is
expected this week to raise interest rates 25 basis points to
    "The MPC may complement this (25 bps) move with guidance
suggesting that with such a hike the policy stance becomes
significantly restrictive to lay the groundwork for eventually
stopping the tightening cycle, although we do not anticipate
that the MPC will explicitly close the door to further hikes,"
Goldman Sachs analysts said in a note.
    Stocks in Colombia gained 0.7%, with majority
state-owned energy company Ecopetrol adding 1.6% on
naming Alberto Consuegra as its interim CEO on Friday. 
    Mexico's peso, Chilean peso and Peru's sol
 each gained 0.4%.
    Peru's government expressed qualified interest in tapping
the international bond market later this year in a bid to better
manage liabilities, said Economy Minister Alex Contreras.
    In Brazil, the real added 0.6% against the
greenback, while stocks advanced 1.1%.
    Brazil's President Luiz Inacio Lula da Silva canceled a trip
to China due to medical reasons.
    Focus shifted to an eagerly awaited fiscal framework in
Brazil, which was initially promised by Finance Minister
Fernando Haddad for March but was postponed by Lula until after
the planned China trip.
    Brazilian Institutional Relations Minister Alexandre Padilha
said no date has been set for the presentation of the proposed
new fiscal rules.
    Brazilian data showed a lower-than-expected current account
deficit in February, mainly due to a decrease in factor
    Elsewhere in emerging markets, Israel's shekel pared
early gains in a volatile session after Prime Minister Benjamin
Netanyahu delayed a decision on bitterly contested plans for a
judicial overhaul.
    Key Latin American stock indexes and currencies at 1850 GMT:
       Stock indexes                 Latest      Daily %
 MSCI Emerging Markets                  964.70       -0.77
 MSCI LatAm                            2107.80        1.49
 Brazil Bovespa                       99986.30        1.17
 Mexico IPC                           52914.17        0.27
 Chile IPSA                            5262.72        0.28
 Colombia COLCAP                       1114.46        0.74 Currencies                 Latest      Daily %
 Brazil real                            5.2173        0.62
 Mexico peso                           18.3552        0.32
 Chile peso                              806.4        0.47
 Colombia peso                            4673        1.38
 Peru sol                                3.765        0.19
 Argentina peso (interbank)           207.4100       -0.79
 Argentina peso (parallel)                 386        0.78
 (Reporting by Bansari Mayur Kamdar and Shashwat Chauhan in
Bengaluru; Editing by Alison Williams and Richard Chang)