EMERGING MARKETS-Argentine assets up on Milei triumph; Latam slides after rally

* Fed minutes due at 1900 GMT * Hungary c.bank cuts base rate as expected to 11.5% * Argentine bonds, stocks surge on Milei cheer * Latam stocks down 0.9%, FX sheds 0.3% By Johann M Cherian Nov 21 (Reuters) - Argentine equities and bonds surged on Tuesday, the first day of trading since president-elect Javier Milei's win, while other Latin American stocks and currencies took a breather ahead of monetary policy meeting minutes from the U.S. Federal Reserve. Argentina's benchmark Merval index surged 16.0% as investors were optimistic that the stunning win for libertarian Javier Milei in presidential elections held on Sunday could bode well for the region's no. 2 economy that's battling triple digit inflation and on the brink of a recession. "On the fiscal front, we expect the need to close the fiscal gap in a sustainable manner would be the linchpin of any stabilization program, and progress on this front would help build credibility ahead," JP Morgan analysts wrote in a note. State-run oil company YPF also soared 33.6% after Milei said he would seek to privatize the firm on Monday. Argentina's international sovereign dollar bonds extended gains and rose as much as 1.2 cents on the dollar, as per MarketAxess data. However, the local peso weakened over 6% and was trading at 1020 to the dollar in parallel trade. On Monday, local markets were closed on account of a holiday, but it did not keep traders from lapping up offshore bonds and equities. More broadly, dueing Tuesday's session MSCI's basket of regional currencies slid 0.3% by 1517 GMT. The MSCI index tracking south American currencies had jumped to an eleven-year high during the previous session as the greenback extended its slide as investors piled into riskier emerging markets assets on the confidence that U.S. interest rates had peaked. Investors now await the Federal Reserve's monetary policy minutes due at 1900 GMT, and will parse them for any signs of hawkish rhetoric that could determine the outlook for the dollar. Meanwhile, Mexican peso slipped 0.4%. Preliminary estimates showed the local economy likely grew 2.9% in October compared with the same month a year earlier. Oil exporter Colombia's peso edged 1.2% lower as crude prices ticked lower. Currencies of major copper exporters Chile and Peru climbed 0.5% and 0.2% as prices of the red metal brightened against a depreciating dollar. MSCI's index tracking Latin American equities slipped 0.9%, with heavy-weight Brazil's Bovespa dipping 0.2%. Mexico's benchmark index also slipped 0.8%, while Colombia's Colcap shed 0.3%. Elsewhere in emerging markets, Hungary's forint was steady at 379.3 to the euro after the local central bank cut its base rate by an expected 75 basis points, sticking to its measured approach and resisting government calls for deeper rate cuts to support the economy as inflation subsides. Key Latin American stock indexes and currencies at 1512 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 989.38 0.4 MSCI LatAm 2470.27 -0.69 Brazil Bovespa 125750.87 -0.16 Mexico IPC 52370.15 -0.6 Chile IPSA 5793.43 -0.83 Argentina MerVal 751747.50 16.536 Colombia COLCAP 1118.48 -0.59 Currencies Latest Daily % change Brazil real 4.8788 -0.55 Mexico peso 17.1380 -0.17 Chile peso 872.3 0.58 Colombia peso 4020.27 -0.02 Peru sol 3.7422 -0.63 Argentina peso (interbank) 356.0000 -0.56 Argentina peso (parallel) 1020 -6.86 (Reporting by Johann M Cherian in Bengaluru; Editing by Chizu Nomiyama)