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EMERGING MARKETS-Latam FX muted as Omicron, China property concerns weigh

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* Oil exporting currencies gain * Latam stocks rise in early trade By Ambar Warrick Dec 6 (Reuters) - Latin American currencies moved little on Monday as uncertainty over the Omicron coronavirus variant kept sentiment subdued, while investors feared a spillover from a potential default in China's property market. Brazil's real and Peru's sol all marked small moves in early trade, while gains in oil prices pushed up currencies of exporters Mexico and Colombia. Concern of contagion from any default in China's property market intensified as China Evergrande Group set up a risk management committee, and was likely headed towards debt restructuring amid a serious liquidity crunch. "While Evergrande has paid coupons before the end of its 30-day grace period, it is likely that it did so to buy more time as onshore lenders increasingly ring-fence their collateral and subordinate offshore investors," analysts at TS Lombard wrote in a note. A slowdown in China, particularly in its massive property sector, would bode poorly for Latin American economies, which are large exporters of raw materials such as iron ore and copper -- commonly used in construction. But China's central bank cut reserve requirements for banks earlier in the day, releasing more liquidity to shore up slowing economic growth. The move pushed up raw material prices, as investors bet that liquidity in markets would offset the immediate economic impact from the property sector. Chile's peso rose about 0.2%, tracking copper prices higher. Latam stocks rose in early trade, recovering further from lows hit last week on concerns over the Omicron variant. But sentiment remained on edge. Brazil's Bovespa index added 1.1%, with mining and material stocks leading gains. Strength in oil prices pushed up shares of state-run oil company Petrobras by around 1%, despite confusion over potential fuel price adjustments. Petrobras said it did not anticipate any decisions regarding fuel price adjustments, in a response to President Jair Bolsonaro, who said on Sunday that the firm would start lowering fuel prices as early as this week. On the economic data front, readings showed Mexican auto production and exports tumbled in November, while production in Brazil rose 15.1% from the prior month. Key Latin American stock indexes and currencies: Latest Daily % change MSCI Emerging Markets 1212.91 -0.96 MSCI LatAm 2078.43 0.72 Brazil Bovespa 106206.21 1.08 Mexico IPC - - Chile IPSA 4404.95 0.81 Argentina MerVal 86420.56 0.07 Colombia COLCAP 1431.94 -0.62 Currencies Latest Daily % change Brazil real 5.6858 -0.14 Mexico peso 21.2245 0.19 Chile peso 838.4 0.24 Colombia peso 3945.7 0.45 Peru sol 4.0753 -0.16 Argentina peso 101.3100 -0.14 (interbank) (Reporting by Ambar Warrick; Editing by Alison Williams)