EMERGING MARKETS-Growth slowdown fears pressure Latam assets

* Peru's GDP expands 1.41% in July as growth pace slows * Brazil's IGP-10 price index falls 0.90% in Sept * Argentina draft budget sees 2023 inflation at 60%, growth at 2% * Gol to pay $41 mln to resolve bribery probes; shares plunge (Updates prices) By Anisha Sircar and Amruta Khandekar Sept 16 (Reuters) - Brazil's real led losses among major Latin American currencies as investors braced for a large U.S. interest rate hike next week, while stocks declined more than 1% on rising worries of a global economic slowdown. Inflation in Brazil as measured by the IGP-10 price index fell 0.90% in September, compared with a 0.69% drop in August, firming the case for the central bank to end its tightening cycle soon, as signaled. Brazil's real fell 0.5%, taking weekly losses to 2.3% - its worst week since July. On the political front, presidential hopeful Luiz Inacio Lula da Silva leads incumbent Jair Bolsonaro by 12 points, a poll showed ahead of Brazil's Oct. 2 vote. "There is a growing consensus that we may see more upside in commodity prices again, which will benefit Brazil, despite the fact that the election theme poses a risk," said Christian Lawrence, senior cross-asset strategist at Rabobank. Mexico's offshore peso inched 0.3% higher in holiday-thinned trade. Mexican stock markets were shut for the Independence Day holiday. Colombia's currency slipped 0.4%. "Latam is where you can start anticipating the end of a policy tightening cycle sooner than elsewhere, though the correlation with the Federal Reserve is also very strong," said Cristian Maggio, head of portfolio strategy and ESG at TD Securities. The dollar was flat, less than 1% away from its highest in to decades, ahead of a potentially huge U.S. Fed rate hike next week. Peru's sol firmed 0.3%. Peru's economy expanded 1.41% in July compared with the year before, the government said, feeling the effects of a slowdown in the key mining sector. The July result brings year-on-year growth between January and July to 3.22% in the world's no. 2 copper producer. Elsewhere, Argentina's government budget for next year sees the economy growing by a modest 2% with inflation dipping to a still sky-high 60%, an official told reporters. Brazil's Bovespa fell 0.9%. Airline Gol Linhas Aéreas Inteligentes SA fell 0.4% after U.S. authorities said the carrier will pay more than $41 million to resolve parallel bribery investigations. Key Latin American stock indexes and currencies at 1849 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 944.21 -1.5 MSCI LatAm 2121.18 -0.94 Brazil Bovespa 108984.03 -0.88 Mexico IPC 46769.78 0.05 Chile IPSA 0.00 0 Argentina MerVal 145252.13 0.336 Colombia COLCAP 1192.68 -1.73 Currencies Latest Daily % change Brazil real 5.2661 -0.52 Mexico peso 20.0520 0.04 Chile peso 927.5 0.00 Colombia peso 4429.91 -0.39 Peru sol 3.8738 0.10 Argentina peso 143.5100 -0.22 (interbank) (Reporting by Anisha Sircar and Amruta Khandekar in Bengaluru; editing by Jonathan Oatis)