By Bruno Federowski
SAO PAULO, Jan 2 (Reuters) - Latin American markets started 2018 on Tuesday on a strong footing as solid global economic growth data drove investors to unwind year-end hedges.
China's Caixin index of Chinese industry rose to a four-month high of 51.5 in December, confounding forecasts for a decline.
The reading pointed to resilience for the world's largest consumer of commodities even as Beijing cracks down on industrial pollution and engineers a cooling property market. It also bolstered expectations of global economic strength for the first month of the year amid strong readings on manufacturing in the euro zone. Currencies from Brazil , Mexico , Chile , Colombia strengthened between 0.9 percent and 1.7 percent.
Stock indexes were up throughout the region, with Brazil's benchmark Bovespa leading gains as traders unwound bets on a credit downgrade.
Brazilian policymakers met in December with rating agencies to stave off a downgrade after lawmakers delayed a key vote on a plan to streamline the social security system and curb government spending.
"The market sought protection from what looked like an imminent sovereign downgrade, but that did not materialize," H.Commcor brokerage trader Cleber Alessie said.
Metal??rgica Gerdau SA stock was the biggest gainer on the benchmark index after Commercial Metals Co agreed to acquire certain U.S. rebar assets owned by the Brazilian steelmaker. Key Latin American stock indexes and currencies at 1720 GMT:Stock indexes daily % YTD %
changechange
Latest MSCI Emerging Markets 1175.55 1.56 -0.08MSCI LatAm 2894.09 2.33 0Brazil Bovespa 77653.30 1.641.64Mexico S&P/BVM IPC 49622.44 0.540.54Chile IPSA 5592.510.50.50Chile IGPA 28111.30 0.470.47Argentina MerVal 30475.44 1.361.36Colombia IGBC 11421.38-0.490.45Venezuela IBC 1265.15 0.16-96.01
Currenciesdaily % YTD %
changechange
Latest Brazil real 3.2641 1.51 -0.46Mexico peso 19.5250 0.896.24Chile peso 607.8 1.13 10.35Colombia peso 2933.84 1.642.31Argentina peso (interbank) 18.5800 0.38-14.56 Argentina peso (parallel)19.15 0.68-12.17 (Reporting by Bruno Federowski in Sao Paulo; Editing by Jeffrey Benkoe)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.