EMERGING MARKETS-Latam stocks rise on China, U.S. data

(Adds quotes, closing prices)

* China manufacturing PMI points to recovery

* U.S. consumer confidence at highest in 4 years

* Brazil Bovespa gains 2.3 pct, Mexico IPC up 0.34 pct

By Asher Levine and Lorena Segura

SAO PAULO/MEXICO CITY, Nov 1 (Reuters) - Latin American
stocks rose on Thursday, boosted by d ata o ut of the United
States and China th at raised hopes of a global ec onomic
recovery.

The MSCI Latin American stock index gained
the most s ince mid-September, adding 1 .23 percent to 3, 6 9 1. 97 .

Banks and miners helped Brazil's benchmark Bovespa index
partially recover from the previous session's losses,
though steelmakers weighed. Cement maker Cemex
helped Mexico's IPC index rise for a second day.

Shares gained after China's manufacturing purchasing
managers' index rose above the 50-point line that divides
expansion from decline in October, suggesting fourth-quarter
growth in Brazil's biggest trading partner may pick up.

U.S. data also boosted local shares after U.S. consumer
confidence rose in October to its highest in more than four
years and a survey of U.S. manufacturing conditions rose in
September to hit its best levels since May.

" We've had a few weak days and today investors took a break
from that, following the markets abroad where we saw some strong
indicators, especially in the United States," said Ma rcello
Paixao, a partner at Principia Capital Management in Sao Paulo.

Nonetheless, Paixao was also keen to urge caution: " Volume
is very low, so this might not be a signal of a recovery but
just a short rebound," he said.

Brazil's benchmark Bovespa stock index posted its
biggest daily gain s ince September 13, rising 2 .3 percent to
58, 3 8 2.6 8.

Preferred shares of Vale <VALE5.SA > , the world's largest
producer of iron ore and a key supplier to China, rose 2 .26
pe rcent, contributing most to the index's gains, while Itaú
Unibanco, Brazil's largest non-government bank, rose
4.45 per cent. Ban co de Brasil rose 6.55 percent.

Shares of Gerdau SA, the world's second-biggest
maker of long steel products, r ose 1.24 p ercent d espite t he
company sa ying it will review its 10.3 billion real ($5.1
billion) five-year investment plan in light of global economic
uncertainty and slumping profits.

Rival steelmaker Cia. Siderúrgica Nacional SA 2.4
p ercent d espite t he company m issing a nalysts' estimates for
third-quarter profit due to a jump in financial expenses and
costs.

" Normally when we see growth abroad people purchase
commodities companies, and even companies that didn't report
good earnings are rising today," said Paixao. " T h e macro outlook
is behind today's movements,"

Brazil's largest maker of flat steel products, Usinas
Siderúrgicas de Minas Gerais SA, rose 4 .89 p ercent
after the company said it expects its leverage ratio to decline
by year-end following a bigger-than-expected loss for the third
quarter.

A national holiday will keep markets closed in Mexico,
Brazil and Chile o n Friday when monthly payrolls data is
expected to be released in the United States.

"The market is waiting for the U.S. payroll data to lend a
better outlook for investments in local stocks," said Raffi
Dokuzian of CGD Securities in Sao Paulo. "It's an important data
point and no one wants to risk being positioned beforehand."

Mexico's IPC index rose for the second straight day,
adding 0 .34 percent to 4 1,76 1. 7 8.

Shares of cement maker Cemex climbed 3.03 percent,
contributing most to the index's gains, while food producer
Grupo Bimbo rose 4. 16 p ercent.

Chile's bourse was closed for a national holiday on
Thursday.

($1 = 2.03 Brazilian reais)

Latin America's key stock indexes at 2221 GMT:
Stock indexes % change

Latest

MSCI LatAm 3,691.97 1.23

Brazil Bovespa 58,382.68 2.3

Mexico IPC 41,761.78 0.34

Chile IPSA 4,266.35 0.13

Chile IGPA 20,910.93 0.13

Argentina MerVal 2,350.33 1.15

Colombia IGBC 14,529.17 -1.71

Peru IGRA 20,789.41 -0.78

Venezuela IBC 359,401.13 -0.2

(Reporting by Asher Levine, Lorena Segura; Editing by Diane
Craft)