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EMERGING MARKETS-Mexico stocks jump on U.S. jobs data; Brazil also gains
January 10, 2014 / 10:11 PM / 4 years ago

EMERGING MARKETS-Mexico stocks jump on U.S. jobs data; Brazil also gains

MEXICO CITY, Jan 10 (Reuters) - Mexican stocks posted their biggest one-day gain since last November on Friday, after underwhelming U.S. jobs data raised hopes the U.S. Federal Reserve will slow its rollback of a bond-buying scheme that has boosted emerging market equities.

Mexico’s IPC index rose 2.10 percent to close at 42,458.51 points, while Brazil’s Bovespa index, which also benefited from the weaker-than-expected jobs data, rose 0.76 points to 49,696.45 points.

Data released on Friday showed U.S. employers hired the fewest workers in nearly three years in December, handing the Fed a headache as it mulls how quickly to scale back its massive monetary stimulus program.

The Fed, which already trimmed its $85 billion in monthly bond buying by $10 billion last month, has said it will roll back the stimulus incrementally as the U.S. economy improves.

In Mexico, where stocks ended the week up nearly 1 percent, shares in broadcaster Televisa drove gains on Friday, rising 3.63 percent.

In Brazil, stocks ended the week down 2.52 percent. On Friday, shares in state-oil producer Petrobras led the index higher, rising 1.72 percent, while shares in iron-ore producer Vale added 0.53 percent.

Chile’s IPSA index dropped 0.68 percent on Friday to close on 3,620.46 points, its lowest level in more than 4 months. The index lost 2.11 percent over the week.

The index was weighed down by a 5.89 percent decline in shares of Banco de Chile. Shares fell the day after the Chilean bank’s majority owner said it was seeking to sell the equivalent of up to around $1 billion in stock.

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