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China announces 2024 5% economic growth target

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Colombia's Grupo Aval rises on higher Q4 profit

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Brazil's Cogna up after rating upgrade

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FX down 0.1%, stocks off 0.5%

(Updated at 3:20pm ET/2020 GMT)

By Shashwat Chauhan and Lisa Pauline Mattackal

March 5 (Reuters) -

Emerging market stocks were pressured and currencies of

Latin America's copper-producing nations dipped on Tuesday, as a

lack of big-ticket stimulus plans from China weighed on

sentiment.

Chinese Premier Li Qiang announced an ambitious 2024

economic growth target of around 5%, promising to transform the

world's second largest economy's development model and defuse

risks fueled by bankrupt property developers and indebted

cities.

However, stimulus measures missed some investors'

expectations, weighing on prices of commodities like oil and

copper.

"'Transforming the growth model' and 'making structural

adjustments' seemed the most significant call to action, but

were perhaps too vague to elicit a response from traders,"

Macquarie strategists said.

MSCI's index for Latin American stocks

slipped 0.5% to its lowest in a month, tracking global emerging

market equities which slumped nearly 1%.

Top copper producer Chile's peso depreciated 0.5% to

980.5 per dollar. Peru's sol reversed early losses,

jumping 0.8%.

Chile's currency was trading around its lowest levels since

October 2022.

"The sell-off has been very significant recently ...

buying CLP would perhaps be somewhat akin to catching a falling

knife," said Roman Ziruk, senior market analyst at Ebury.

MSCI's index for Latin American currencies

slipped 0.1%.

Brazil's real was flat against the dollar after

two successive days of gains.

Private sector economists in Brazil reduced their estimates

for inflation in 2024 to 3.76% from 3.80% a week earlier.

Argentina's dollar-denominated sovereign bonds mostly held

on to sharp gains from the previous session, with the 2035 issue

slipping just 1.2 cents as investors hoped

President Javier Milei's renewed reform push would bring relief

for the country's struggling economy.

Mexico's peso was little changed, but hovering near

its highest level in seven weeks. Mexican stocks rose 0.1%.

Chile's main stock index lagged regional peers,

down 1.3%, while shares in Buenos Aires lost 5%.

Brazilian shares lost 0.3%, as shares of miner Vale

and oil company Petrobras dipped 1.6% and

1%, respectively.

Investors eyed U.S. payrolls data due later in the week,

which could be key in gauging the Federal Reserve's monetary

policy outlook, and Chairman Jerome Powell's monetary policy

testimony to Congress on Wednesday and Thursday.

Education company Cogna advanced 5.8% after XP

Investimentos analysts upgraded their recommendation to "buy".

Colombia's benchmark index gained 1%.

HIGHLIGHTS

** Bloomberg to add Indian bonds to EM debt indexes from

January 2025

** Producer prices in Brazil fall 0.31% in January

Key Latin American stock indexes and currencies at 2000 GMT:

Latest Daily % change

MSCI Emerging Markets 1021.10 -0.9

MSCI LatAm 2507.26 -0.47

Brazil Bovespa 127907.45 -0.34

Mexico IPC 55520.63 0.1

Chile IPSA 6258.86 -1.29

Argentina MerVal 992683.89 -5.243

Colombia COLCAP 1302.85 1.11

Currencies Latest Daily % change

Brazil real 4.9566 -0.04

Mexico peso 16.9530 0.04

Chile peso 980.5 -0.51

Colombia peso 3947.68 -0.14

Peru sol 3.7321 0.82

Argentina peso 845.0000 -0.06

(interbank)

Argentina peso 990 2.53

(parallel)