(Updated at 1421 GMT)

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Santander Brasil's net profit up 44% in Q2, beating

forecasts

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Fitch: Mexico's proposed judicial reform may hit

investments

Mexico's consumer prices overshoot all estimates in mid-July

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Latam stocks down 1.1%, FX off 1.2%

By Johann M Cherian

July 24 (Reuters) - Currencies of resource-rich Latin

American economies fell to multi-week lows on Wednesday,

tracking weak commodity prices including iron ore and copper,

while investors monitored quarterly earnings reports from top

corporates in the region.

Brazil's real fell 0.9% and hit a three-week low, as

prices of iron ore, the country's biggest export item, fell for

the fourth consecutive session, weighed down by a weakening

steel market and lingering concerns about demand in top consumer

China.

MSCI's index tracking currencies in Latin America

dropped 1.2% against the dollar to levels seen

earlier in the month.

The world's largest copper producer Chile's peso

slipped for the second-straight day, down 0.2% as copper prices

fell to their lowest in three-and-a-half months, weakened by

rising inventory and selling by commodity trading funds.

Mexico's peso depreciated 1.3% to hit a three-week

low. Investors assessed data that showed consumer prices in the

region's second largest economy rose more than expected during

the first half of July, driving 12-month inflation further from

the central bank's 3% target.

"Banxico had for a long time been focused primarily on the

strength of core services inflation but policymakers have

recently sounded more concerned about the weakness in the

economy in their communications," said Kimberley Sperrfechter,

emerging markets economist at Capital Economics.

"For now, we are sticking with our view that Banxico will

resume its easing cycle in August."

Concerns lingered about the repercussions on trade and

immigration between U.S. and Mexico in the event of a second

Donald Trump presidency.

Separately, ratings agency Fitch said Mexico's proposed

judicial reforms may dampen the corporate investment climate.

The local left leaning government has supported the election of

judges by popular vote.

The peso notched its biggest quarterly loss since the

pandemic in the second quarter.

Oil exporter Colombia's peso fell 1% to more than

two-week lows. Crude prices were marginally higher but were

still close to their lowest level in six weeks.

On the equity front, MSCI's index tracking regional bourses

slid 1.1% to a three-week low.

Brazil's Bovespa dipped 0.1%, with the fall limited

by a 1% rise in Santander Brasil after the lender

posted upbeat second-quarter recurring net profit helped by

higher lending and fees.

Mexico's benchmark index inched 0.5% lower, with

Alsea shedding 0.4% after the Fast-food chain

operator posted a 68.4% fall in its second-quarter net profit,

weighed down by higher financial costs and exchange rate

effects.

Grupo Financiero Banorte slid 2.1%. The

lender posted a 7% climb in second-quarter net profit, citing

double-digit growth in its loan book.

Key Latin American stock indexes and currencies:

Latin American market

prices from Reuters

Stock indexes Latest Daily %

change

MSCI Emerging Markets 1083.99 -0.27

MSCI LatAm 2210.19 -1.15

Brazil Bovespa 126377.80 -0.17

Mexico IPC 53439.55 -0.5

Chile IPSA 6552.42 0.02

Argentina MerVal 0.00 0

Colombia COLCAP 1359.62 -0.07

Currencies Latest Daily %

change

Brazil real 5.6303 -0.78

Mexico peso 18.3670 -1.24

Chile peso 948.3 -0.26

Colombia peso 4054.24 -0.97

Peru sol 3.7547 0.00

Argentina peso 927.0000 -0.05

(interbank)

Argentina peso 1425 1.40

(parallel)