MERCADOS EMERGENTES – Real Brasil salta sobre dados do PIB; Pesos colombianos e mexicanos em alturas de 9 meses


    * Brazil GDP rebounds sharply in third quarter 
    * Mexican, Colombian pesos rise, mirroring oil prices
    * Chilean peso rises for the fourth session in a row

 (Updates prices throughout, adds comments)
    By Ambar Warrick and Shreyashi Sanyal
    Dec 3 (Reuters) - Colombian and Mexican currencies hit
nine-month highs on Thursday, tracking recent strength in oil
markets, while most other Latin American currencies rallied on
the back of encouraging economic readings from Brazil.
    Brazil's real jumped 1.9% to a four-month high
after data showed the country's economy grew at a record pace in
the third quarter due to a strong rebound across most sectors
from coronavirus-induced lows. While the reading
fell short of analyst expectations, it underscored a continuing
economic recovery in Latin America's largest economy.
    A survey also showed that Brazil's services sector expanded
in November for a third straight month, but at a slower pace
than the month before.
    Improving economic trends and optimism over the eventual
rollout of a coronavirus vaccine have driven gains in Latin
American assets through the past few months.
    Given the recent positive vaccine developments, "the
near-term economic outlook has brightened throughout the
region," wrote Nikhil Sanghani, Latin America economist at
Capital Economics.
    Mexico's peso rose 0.4% and Colombia's peso
added 1%, as the crude exporters looked to benefit from a recent
spike in oil prices. Crude markets were awaiting further OPEC
supply cuts, which are likely to boost prices.
    Mexico's peso recently benefited from the central bank's
standing pat on interest rates, while the prospect of calmer
trade with the United States also drove capital inflows.
    "We see moderate MXN appreciation potential in 2021, as the
external environment should be favorable for emerging market
currencies due to the expansive monetary policies of the
industrialized countries," analysts at Commerzbank wrote in a
note.
    Colombia's peso rose 1.5% after data earlier in the week
showed the country's current account deficit shrank to 2.7% of
gross domestic product in the third quarter.
    Chile's peso rose for a fourth straight session, as
it continued to benefit from strong copper prices. 
    Regional stocks rose for the day, with the MSCI's index of
Latin American equities touching a near
nine-month high. Ultra-low lending rates across the world have
made equities a reliable source of returns after the initial
shock of the pandemic.
    
    Key Latin American stock indexes and currencies:
    
         Stock indexes                  Latest   Daily %
                                                 change
 MSCI Emerging Markets                  1241.16     1.01
 MSCI LatAm                             2360.56     2.03
 Brazil Bovespa                       113145.71     1.13
 Mexico IPC                            43862.74     0.43
 Chile IPSA                             4188.80     0.76
 Argentina MerVal                      55307.69     0.07
 Colombia COLCAP                        1291.72     0.25
                                                        
             Currencies                 Latest   Daily %
                                                 change
 Brazil real                             5.1448     1.86
 Mexico peso                            19.8992     0.31
 Chile peso                               751.9     0.51
 Colombia peso                           3466.5     1.54
 Peru sol                                3.5908     0.50
 Argentina peso (interbank)             81.5600    -0.09
                                                 
 Argentina peso (parallel)                  147     4.08
                                                 
 
 

 (Reporting by Ambar Warrick and Shreyashi Sanyal in Bengaluru;
editing by Jonathan Oatis and Leslie Adler)
  

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