MERCADOS EMERGENTES – A melhor moeda EM verdadeiramente do Brasil para a semana

    * Peru's sol jumps 1.3%
    * Latam stocks drop tracking Wall Street
    * Delta variant spread spurs slowing growth fears

 (Updates prices)
    By Ambar Warrick
    July 16 (Reuters) - Brazil's real headed for a 3% weekly
gain as improving prospects over economic growth helped ease
fears of political unrest stemming from an ongoing corruption
scandal, while Peru's sol rallied more than 1% on Friday to post
its best session in three weeks.
    The real rose 0.1%, and was the best
performing emerging market currency this week. The bulk of the
currency's gains had come after the government sharply hiked its
economic growth and inflation forecasts for 2021 on Wednesday.

    The government also intends to raise 100 billion reais
($19.64 billion) with a much-awaited income tax reform proposal,
which will reduce corporate income tax but add taxation to
corporate dividends and reduce subsidies. 
    The real was also nursing two weeks of steep losses, spurred
by a corruption scandal over COVID-19 vaccines and growing
discontent with the government. 
    "Coupled with the economic rebound, the high consumer prices
inflation during H1/21 has not only helped boost fiscal revenues
this year but is also contributing to much higher nominal GDP by
the end of 2021," analysts at TS Lombard wrote in a note.
    "Positive as that is, Brazil’s structural fiscal issues are
far from resolved and the reform agenda remains paramount for
longer-term sustainability."    
    Peru's sol was set for its best week in two months
against a steady dollar, as the Andean country's currency
extended gains to a third straight session on Friday. 
    This helped cut some of the hefty yearly losses incurred on
uncertainty around presidential elections there. 
    An index of Latin American currencies was
set for a weekly gain of around 2%, with a chunk of those gains
thanks to the real.
    Most other Latam currencies were muted this week, as
turbulent commodity markets offset positive cues on U.S.
monetary policy from Federal Reserve Chair Jerome Powell. Rising
cases of COVID-19 also weighed.
    Mexico's peso rose 0.4%, and was set to end the week
largely unchanged, tracking weakness in oil prices.
    But strong economic readings put oil exporting peer
Colombia's peso on track for a 0.3% weekly gain.
    Latam stocks, dropped, tracking losses on
Wall Street as fears that the rising number of coronavirus cases
and its highly infectious delta variant would hamper economic
activity again. 
    However, regional equities benefited from expectations of
dovish U.S. policy, and were set for a 2.6% weekly gain. 
    Chilean markets were closed for a holiday.
    Key Latin American stock indexes and currencies:
   Stock indexes           Latest    Daily %
 MSCI Emerging Markets      1339.66    -0.65
 MSCI LatAm                 2575.95    -0.58
 Brazil Bovespa           126578.49     -0.7
 Mexico IPC                50123.76     -0.3
 Argentina MerVal          63053.89   -0.678
 Colombia COLCAP            1272.31    -0.07
      Currencies           Latest    Daily %
 Brazil real                 5.1102     0.12
 Mexico peso                19.8530     0.41
 Colombia peso               3813.6    -0.04
 Peru sol                     3.903     0.87
 Argentina peso             96.2100    -0.02

 (Reporting by Ambar Warrick and Susan Mathew in Bengaluru;
Editing by Steve Orlofsky and Marguerita Choy)

Tadday Köhler

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