Maio 24, 2024

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Os verdadeiros escorregões do Brasil na política dos mercados emergentes pesam as preocupações da China

    * Rising U.S. Treasury yields weigh on EM assets
    * Brazilian stocks slump 2.3%
    * Aeromexico rallies on debt restructuring plan 

 (Updates prices)
    By Ambar Warrick and Susan Mathew
    Oct 4 (Reuters) - Brazil's real sank 1.5% on Monday, on
course for its worst session in a month and leading losses
across Latin American currencies on concerns over the Chinese
economy and rising U.S. Treasury yields. 
    The real last traded at 5.4516 against the dollar,
with political uncertainty also coming into play after
anti-government demonstrations broke out in major capitals over
the weekend. 
    Amid growing discontent with President Jair Bolsonaro's
administration, a potential change of government next year could
also result in sudden changes to fiscal policy. The government
is already struggling with stretched fiscal spending due to the
COVID-19 pandemic. 
    "The window to pass quality reforms that would contribute to
increased productivity and longer-term growth is closing,
leaving the government scrambling to find ways to finance its
re-election campaign," Wilson Ferrarezi, economist at Brazil
Research at TS Lombard, wrote in a note.
    A rise in U.S. Treasury yields weighed on most emerging
market assets, as the gap between risky and risk-free debt
    The U.S. dollar benefited from safe haven demand after
reports said China's second-largest property developer,
Evergrande, was considering a $5 billion asset sale to
fund its debt repayment.
    Mexico's peso fell 0.6% despite a slight uptick in
consumer confidence, while Chile's peso fell 0.3%,
despite rising copper prices.
    Chile's top miners saw their production of copper fall in
August, state copper commission Cochilco said on Monday,
impacted in part by a strike at a mine owned by miner Codelco.

    "With new and more structural growth risks emerging from
China, U.S. yields rising and stagflation worries gaining
prominence, we believe the chances are for a more sustained
shift lower in EM FX risk appetite," said strategists at
JPMorgan, adding that they are now "underweight" on EM
    Losses in crude exporter Colombia's peso were capped
by a surge in oil prices.
    Stocks in the region joined a global rout in equities, with
Brazil's Bovespa index sinking 2.3%, while an 2% slide
in Chile's IPSA index took it to two-month lows. 
    Colombian stocks jumped to an eight-month high as
oil giant Ecopetrol surged almost 2% tracking oil
    Shares in Mexican carrier Grupo Aeromexico
jumped almost 6% after the company said it had presented a
restructuring plan to debtors as part of its Chapter 11
bankruptcy process in the United States.
    Key Latin American stock indexes and currencies:
   Stock indexes           Latest    Daily %
 MSCI Emerging Markets      1236.12    -0.84
 MSCI LatAm                 2210.54    -2.26
 Brazil Bovespa           110332.99    -2.27
 Mexico IPC                50899.67    -0.31
 Chile IPSA                 4241.65    -1.97
 Argentina MerVal          77174.69   -0.582
 Colombia COLCAP            1379.17     0.65
      Currencies           Latest    Daily %
 Brazil real                 5.4516    -1.52
 Mexico peso                20.5150    -0.42
 Chile peso                   805.6    -0.50
 Colombia peso              3790.03    -0.07
 Peru sol                     4.131    -0.16
 Argentina peso             98.8500    -0.05

 (Reporting by Ambar Warrick
Editing by Mark Heinrich and Sonya Hepinstall)