July 11, 2017 / 3:44 PM / a month ago

EMERGING MARKETS-Brazil stocks edge up ahead of labor reform vote

    SAO PAULO, July 11 (Reuters) - Brazilian stocks edged up on
Tuesday as traders bet lawmakers would approve President Michel
Temer's plans to revamp labor regulations despite an ongoing
political crisis.
    The planned labor reform, which investors see as critical to
boost long-term economic growth, is expected to clear a final
Senate vote later in the day. 
    Traders said the vote will serve as a gauge of lawmaker's
support for Temer's reform platform, which came under pressure
in recent months after he was caught on tape allegedly condoning
bribes to silence a key witness in Brazil's largest-ever
corruption scandal.
    Brazil's benchmark Bovespa stock index rose 0.4
percent, as rising prices of crude and iron ore lifted shares of
state-controlled oil company Petróleo Brasileiro SA
and miner Vale SA.
    Shares of planemaker Embraer SA also advanced
following strong second-quarter delivery figures.
    The Brazilian real seesawed, in line with other Latin
American currencies amid a lack of major market-moving data.
    Investors have closely followed U.S. economic indicators in
search of clues over the pace of U.S. interest rate hikes next
year. 
    Concerns that higher rates could drive capital away from
risky assets hammered wider emerging market currencies earlier
in the day, with the South African rand tumbling more
than 1 percent.
    
    Key Latin American stock indexes and currencies at 1530 GMT:
 Stock indexes                               daily %     YTD %
                                              change    change
                                  Latest              
 MSCI Emerging Markets              1016.75     0.74     17.05
 MSCI LatAm                         2600.35     0.35     10.71
 Brazil Bovespa                    63258.96     0.37      5.03
 Mexico S&P/BVM IPC                50695.04     0.15     11.07
 Chile IPSA                         4904.03     0.04     18.13
 Chile IGPA                        24497.45     0.02     18.15
 Argentina MerVal                  22023.97     0.31     30.18
 Colombia IGBC                     10965.28     0.39      8.27
 Venezuela IBC                    126162.59     1.47    297.92
                                                              
 Currencies                                  daily %     YTD %
                                              change    change
                                     Latest           
 Brazil real                         3.2560     0.09     -0.21
 Mexico peso                        17.9700    -0.05     15.44
                                                      
 Chile peso                          666.46    -0.05      0.64
 Colombia peso                         3070    -0.25     -2.23
 Peru sol                             3.254     0.03      4.92
 Argentina peso (interbank)         17.0000     0.00     -6.62
                                                      
 Argentina peso (parallel)            17.29     0.06     -2.72
                                                      
 

 (Reporting by Bruno Federowski; Editing by Phil Berlowitz)
  

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