(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 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
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)