EMERGING MARKETS-Latam Currencies Outperform Emerging Markets; stocks down on global selloff – Yahoo Finance

* China’s Anti-Lockdown Protests Shake Equities, Oil * Chilean Escondida Miners Accept BHP Offer * Brazil Credit Default Ratio Hits Nearly 4-Year High (Price Update) By Bansari Mayur Kamdar 28 November (Reuters) – Latin American currencies outperformed emerging market currencies on Monday, as stocks in the commodity-heavy region slipped on a global sell-off in global markets spurred by growth concerns in China as investors focused on protests there. The US dollar index fluctuated between gains and losses and climbed 0.3%. The MSCI index of Latin American currencies rose 0.1% against the dollar, while an index of all emerging market currencies fell 0.4%. Protests against strict COVID-19 restrictions in the world’s second-largest economy sent the US benchmark S&P 500 down 1.6%. A LatAm stock index fell 0.5%, while emerging market equities overall fell 1.1%. “…People are struggling to think, first of all, about what is happening in China with these protests, how the government will respond and how that will fuel global trade and global growth,” said Rachel Ziemba, founder of Ziemba Insights. “But, compared to other markets, for example oil which has fallen quite substantially, the currency markets are still looking for direction.” The Brazilian real gained 0.8%, leading gains among regional currencies. President-elect Luiz Inacio Lula da Silva is expected to announce his economic squad in the coming days, a close aide said, as speculation mounts over who will be the country’s next finance minister. Uncertainty over Lula’s government picks and fiscal policy has rocked Brazilian assets this month, with the currency shedding 3.5%. A broad measure of Brazilian consumer and business credit default rates rose in October to their highest level in nearly four years, central bank data showed, amid high borrowing costs and aggressive monetary tightening. The Mexican peso rose 0.2%. The country recorded a trade deficit of $986 million in October in seasonally adjusted terms. Colombia is preparing to carry out a debt swap for global dollar bonds maturing in 2033, in exchange for bonds maturing in 2023 and 2024. Its peso currency rose 0.6% against the dollar. The currencies of copper-producing Chile and Peru gained 1.1% and 0.4% against the dollar, respectively. Workers at Chile’s Escondida mine have accepted a new offer from BHP and will not go ahead with a strike that was scheduled for Monday and Wednesday, their union said on Monday. Chevron Corp received a U.S. license on Saturday that allows the second-largest U.S. oil company to expand its production in Venezuela and bring the South American country’s crude to the United States. Major stock indices and currencies of Latin America at GMT 2010: Stock Indices Last % Daily Change MSCI Emerging Markets 930.52 -1.11 MSCI LatAm 2148.60 -0.51 Brazil Bovespa 108736.34 -0.22 Mexico IPC 51291 .61 -0.73 Chile IPSA 5207.64 -0.8 Argentina MerVal 163384.82.85 -0.73 Colombia MerVal 1240.71 -2.02 Currencies Last daily % change Brazilian Real 5.3655 -0.03 Peso Mexican 19.2966 0.17 Chilean Peso 912.5 1.01 Colombian Peso 4830.64 0.64 Peruvian Sol 3.8323 0.34 Argentine Peso (Interbank) 166.6000 -0.61 Argentine Peso (Parallel) 314 1 ,91 Banari Reporting by Kamdar May and Devik Jain in Bangalore; Edited by Jonathan Oatis and Cynthia Osterman)