By Bruno Federowski
SAO PAULO, Feb 6 (Reuters) - Latin American markets moved little on Tuesday even as world stock markets nosedived for a fourth day, supported by expectations of strengthening global economic growth.
Investors have scrambled for the exits after recent data on U.S. wage growth fueled expectations of faster interest rate hikes, driving 10-year U.S. Treasury yields to four-year highs. [nL8N1PW5QD
Debate has raged over whether the recent tumble was a healthy correction following a January rally or a fundamentally driven rout. Emerging markets had risen sharply after stronger-than-expected global growth figures.
Latin American observers were cautiously optimistic.
"This crash, in my view, is not essentially bullish USD," Santander Brasil director Sandro Sobral wrote in a client note. "Let's see if panic comes. In this case, we're going to use this move to take risk in Brazil."
The Brazilian real slipped 0.4 percent after firming as much 0.2 percent.
After the currency posted its worst week in eight months, the central bank signaled it would fully roll over $6.2 billion worth of currency swaps due on March.
The swaps function like sales of dollars for future delivery and are typically used to hedge against weakness in the Brazilian real.
Brazil's benchmark Bovespa stock index was barely affected by the global rout, erasing earlier declines to rise 0.7 percent.
Shares of lender Ita?? Unibanco Holding SA jumped after the nation's largest private bank forecast strong resultsand said it was raising its dividend
Shares of other banks, such as Banco do Brasil SA and Banco Bradesco SA , followed along.Wireless carrier TIM Participa???ues SA posted the biggest gain in the index, lifted by strong fourth-quarter results. Most other stock indexes in the region seesawed, with Argentina's Merval up after losing over 10 percent in the prior two trading days.
Mexico's S&P/BMV IPC index , however, tumbled 2.4 percent, adjusting to the recent selloff following a local holiday.
Key Latin American stock indexes and currencies at 1720 GMT:Stock indexesdaily %YTD %
change change
LatestMSCI Emerging Markets 1172.37-3.06 4.39 MSCI LatAm 3043.56-0.83 8.52Brazil Bovespa 82458.31 0.73 7.93Mexico IPC 49204.69-2.36-0.30Chile IPSA 5676.08-0.97 2.00Chile IGPA 28626.91-0.92 2.31Argentina MerVal 31507.39 1.16 4.80Colombia IGBC 11778.43 0.51 3.59
Currencies daily %YTD %
change change
Latest Brazil real 3.2590-0.41 1.67
Mexico peso 18.7900-0.05 4.84
Chile peso 601.1 0.22 2.25Colombia peso 2839.63 0.03 5.01Peru sol 3.252-0.46-0.46
Argentina peso (interbank)19.6900-1.07-5.54 Argentina peso (parallel) 19.91 0.05-3.42 (Reporting by Bruno Federowski; Editing by Jeffrey Benkoe)
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