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* Colombian peso leads declines among Latam FX * Weak U.S. retail sales knocks down sentiment * Brazilian stocks tumble most among EM peers (Adds comments, bullets, updates prices throughout) By Susan Mathew and Shreyashi Sanyal Aug 17 (Reuters) - Most Latin American stocks weakened on Tuesday, joining broader emerging market peers, with weak U.S. retail sales being the latest data point exacerbating worries about slowing global growth brought about by the coronavirus pandemic. Brazil's Bovespa fell 2.1% to over four-month lows with iron ore miner Vale's 2% slide weighing the most. The steelmaking ingredient's prices on the Dalian exchange also fell. Smaller peer Usiminas tumbled 5%. Reinsurer IRB Brasil dropped 4.5% to all-time lows after it turned to losses in the second quarter. MSCI's index of Latam stocks hit 3-1/2 month lows, while the broader EM index gave up 1.4%. Global equity markets took a hit on concerns about tighter business regulations in China and data showing a slowdown in the world's second biggest economy. Global slowdown fears were bolstered by U.S. retail sales falling more than expected in July. Chile stocks were led lower by a near 4.6% slide in lithium miner SQM. As the weaker data raised the U.S. dollar's safe-haven appeal, Chile's peso extended losses to a fourth straight session, affected also by a fall in copper prices. JPMorgan has turned "underweight" on Latam currencies, it said in a note, given headwinds from China and a fading rise in commodity prices. Mexico's peso fell 0.6%, while Colombia's peso slid nearly 1%, snapping a four-day winning streak as oil prices fell on growth worries. "In EM, our trade-based models find Asia and CEEMEA slightly undervalued on an aggregate basis, while LatAm stands out as significantly undervalued," Deutsche Bank strategists wrote in a client note. Brazil's real, meanwhile, moved away from six-week lows hit earlier in the session, while Peru's sol inched further away from all-time lows. U.S. Federal Reserve head Jerome Powell said it was unclear whether the heightened outbreak of the coronavirus Delta variant will have a noticeable impact on the American economy. Key Latin American stock indexes and currencies at 1828 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1253.64 -1.46 MSCI LatAm 2401.96 -2.77 Brazil Bovespa 116823.83 -1.98 Mexico IPC 51299.84 -0.17 Chile IPSA 4302.14 -0.63 Argentina MerVal 67618.03 -2.77 Colombia COLCAP 1278.48 0.76 Currencies Latest Daily % change Brazil real 5.2895 -0.17 Mexico peso 20.0150 -0.64 Chile peso 790.4 -0.51 Colombia peso 3873.7 -0.92 Peru sol 4.078 -0.15 Argentina peso (interbank) 97.2400 -0.13 Argentina peso (parallel) 179 1.68 (Reporting by Susan Mathew and Shreyashi Sanyal in Bengaluru; editing by Jonathan Oatis)