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Markets shut in Brazil for public holiday

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Mexican president to offer new proposals to implement

judicial

overhaul

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Latam FX down 0.1%; stocks off 0.39%

(Updated at 14:30 ET)

By Shashwat Chauhan and Pranav Kashyap

Nov 20 (Reuters) - Most Latin American currencies

declined as the dollar strengthened on Wednesday, amid investor

scrutiny of the Ukraine-Russia conflict, while the Mexican peso

was poised to end its longest winning streak since early

October.

Mexico's peso led losses early on, with a 1.06% drop

against the dollar, set to break a five-day winning streak,

while Chile's peso declined by 0.13%.

Ukraine fired a volley of British Storm Shadow cruise

missiles into Russia on Wednesday, a day after it fired U.S.

ATACMS missiles upon approval from the outgoing administration

of U.S. President Joe Biden.

Mexican President Claudia Sheinbaum said her administration

will propose to Congress three bills to help implement a

sweeping judicial reform that aims to move the country to direct

election of all judges.

Late on Tuesday, Mexico's top economy officials downplayed

concerns about trade talks with President-elect Donald Trump's

incoming administration, saying the potential impact on American

companies could give Trump second thoughts about levying massive

tariffs.

Separately, the Mexican economy grew 0.4% in October,

preliminary estimates showed.

In Chile, the country's central bank said tighter external

financing conditions could affect the Andean nation's

households, businesses and mortgages, increasing default risks.

Colombia's peso held firm at 4,397.02, while Peru's

sol lost 0.1%.

Most Latin American currencies have declined lately as the

dollar remained resurgent globally on expectations the Federal

Reserve would slow its pace of monetary easing.

Uncertainty over the impact of Trump's policies on

immigration, trade and tariffs has pressured Latin American

assets, particularly those of close trading partners such as

Mexico.

The U.S. could impose nearly 40% tariffs on imports from

China early next year, a Reuters poll of economists showed,

potentially slicing growth in the world's second-biggest economy

by up to 1 percentage point.

Analysts have noted Trump's plans for lower taxes and higher

tariffs are expected to spur inflation and reduce the Fed's

scope to further ease interest rates.

Alejandro Cuadrado, managing director and global head of FX

and LatAm strategy at BBVA, said the lagging movement in Latin

American currencies denoted uncertainty about Trump's policies.

China's President Xi Jinping and his Brazilian peer Luiz

Inacio Lula da Silva said they had raised the status of their

countries' global strategic partnership.

MSCI's index for Latin American currencies

was down 0.1%, while a gauge for stocks was down

0.39%.

Argentina's benchmark extended gains from the

previous session, last up 0.5%.

Equity markets in Brazil were closed for a public holiday.

Key Latin American stock indexes and currencies:

Stock indexes Latest

Daily % change

MSCI Emerging Markets 1092.56 -0.22

MSCI LatAm 2075.01 -0.39

Brazil Bovespa closed

closed

Mexico IPC 50032.21 -0.38

Chile IPSA 6576.51 0.41

Argentina MerVal 2135596.49 0.53

Colombia COLCAP 1378.83 0.64

Currencies

Latest Daily % change

Brazil real 5.7725 -0.05

Mexico peso 20.3077 -1.06

Chile peso 972.79 -0.13

Colombia peso 4397.02 -0.03

Peru sol 3.798 -0.11

Argentina peso 1,002.5 -0.05

(interbank)

Argentina peso (parallel) 1,115.0 1.76