August 7, 2018 / 9:23 PM / 12 days ago

EMERGING MARKETS-Mexico stocks, peso up on NAFTA, Brazil down

    MEXICO CITY/SAO PAULO, Aug 7 (Reuters) - Mexican equities
and the peso rose on Tuesday amid signs of progress in the
renegotiation of the North American Free Trade Agreement and on
the back of a combination of solid corporate results, rising
commodities prices and a strong day on Wall Street.
    Mexico's IPC equities index climbed 1.29 percent
after brokerage Grupo Financiero Monex projected the index would
rise 7.5 percent to end the year at 53,000 points.
    The peso gained 0.26 percent.
    A Monex report predicted "an improved scenario for the
second half of the year" following Mexico's July 1 election and
optimism that the United States, Canada and Mexico could secure
a NAFTA deal within days.
    Economy Minister Ildefonso Guajardo said on Monday that
Mexico has put forward a proposal to update NAFTA's contentious
rules of origin, and in turn was studying the U.S.
position.
    The IPC index was led by gains in bank Banorte
and bottler and retailer Fomento Economico Mexicano FEMSA
.
    In Brazil meanwhile, the benchmark Bovespa index
shed its earlier gains and was down nearly 1 percent. The
Brazilian real also fell 1 percent.
    State oil firm Petroleo Brasileiro SA fell 1.5
percent, erasing its earlier 1.4 percent climb, even as oil
prices gained after the United States reimposed some sanctions
on Iran.
    Argentina's Merval index dropped 3.6 percent on an
alleged graft conspiracy centered on the administration of
former President Cristina Fernandez.
    On Monday, a person close to the investigation told Reuters
a construction executive related to business-friendly President
Mauricio Macri was among those being questioned.
    
    Latin American stock indexes and currencies at 1945 GMT:
    
 Stock indexes               Latest         Daily  YTD pct
                                              pct   change
                                           change  
 MSCI Emerging Markets         1,079.48      0.79    -7.55
                                                   
 MSCI LatAm                    2,716.35     -0.57     -3.4
 Brazil Bovespa               80,322.23      -0.9     5.13
 Mexico IPC                   49,955.90      1.29     1.22
 Argentina MerVal             27,850.17     -3.61    -7.37
 Colombia IGBC                12,095.32     -0.08     6.37
 Venezuela IBC               103,157.06     -0.82   225.36
                                                          
 Currencies                      Latest     Daily  YTD pct
                                              pct   change
                                           change  
 Brazil real                     3.7675     -1.00   -12.06
 Mexico peso                    18.4700      0.26     6.65
 Chile peso                       642.8      0.55    -4.38
 Colombia peso                 2,890.75      0.29     3.16
 Peru sol                         3.268      0.06    -0.95
 Argentina peso (interbank)     27.3950     -0.16   -32.10
                                                   
 Argentina peso (parallel)         27.7      1.44   -30.58
                                                   
 
 (Reporting by Anthony Esposito in Mexico City and Gram Slattery
and Paula Arend Laier is Sao Paulo; additional reporting by
Sheky Espejo in Mexico City and Hugh Bronstein and Nicolas
Musculin in Buenos Aires; editing by Jonathan Oatis and Grant
McCool)
  
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