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EMERGING MARKETS-Brazil traders buy back in on geopolitical calm, Wall Street gains

SAO PAULO, April 17 (Reuters) - Brazil's benchmark Bovespa index led gains among Latin American equities markets on Tuesday as traders took advantage of relative geopolitical calm to buy back in after two straight trading days in the red.

Stocks across Latin America were also supported by gains on Wall Street, where positive earnings reports buoyed major indices and distracted from fears of a trade war.

"The market, after two strong falls, is improving in the face of foreign markets with lessened risk aversion," said Vitor Suzaki, an analyst at Sao Paulo-based Lerosa Investimentos.

In the United States, shares were lifted by corporate results and a return to riskier investments. Among the big winners beating market estimates were Netflix Inc and UnitedHealth Group Inc.

Overall, the S&P 500 index had climbed 1.1 percent in early afternoon trade.

Brazil's Bovespa followed Wall Street's lead, climbing 1.2 percent in afternoon trade, while Mexico's IPC was up 0.59 percent and Chile's IPSA ticked up 0.26 percent.

Among the biggest winners on the Bovespa were steelmaker Usinas Siderurgicas de Minas Gerais SA (Usiminas) and Cia Paranaense de Energia SA, both up around 3.6 percent.

Usiminas said earlier on Tuesday that it would restart a blast furnace shut since 2015.

Outside of the Bovespa, shares in electrical utility Eletropaulo Metropolitana Eletricidade de Sao Paulo SA soared 25.1 percent after Neoenergia SA said it planned a $1.7 billion takeover bid.

Shares in airline Azul SA, also not on the Bovespa, jumped 5 percent at the opening bell after Reuters reported the company was talking with Amazon.com Inc regarding goods delivery in Brazil.

Key Latin American stock indexes and currencies at 1641 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1163.01 -0.02 0.41 MSCI LatAm 3024.25 1.34 5.52 Brazil Bovespa 83753.13 1.08 9.62 Mexico IPC 48696.08 0.54 -1.33 Chile IPSA 5622.95 0.17 1.05 Chile IGPA 28135.21 0.14 0.55 Argentina MerVal 31481.55 1.53 4.71 Colombia IGBC 12188.27 1.8 7.19 Currencies daily % YTD % change change Latest Brazil real 3.4021 0.27 -2.61 Mexico peso 18.0000 0.08 9.44 Chile peso 595.95 -0.03 3.14 Colombia peso 2723.83 0.10 9.48 Peru sol 3.22 0.06 0.53 Argentina peso 20.1750 0.22 -7.81 (interbank) Argentina peso 20.54 -0.29 -6.38 (parallel) (Reporting by Gram Slattery and Flavia Bohone, Editing by Rosalba O'Brien)