EMERGING MARKETS-Latam FX slips; stock indexes on track for monthly gains

* Brazil set to join OPEC+ group from Jan * Embraer climbs on new order worth $2.1 bln * Latam stocks, FX on track for gains in Nov * Stocks off 0.7%, FX falls 1.0% on day By Johann M Cherian Nov 30 (Reuters) - Most Latin American currencies slipped on Thursday as the dollar recovered, however equities in the region were on track for monthly gains with Argentina's Merval index set to notch its best month since August. MSCI's basket of south American currencies fell 1.0% as the dollar staged a broad-based recovery on month-end buying. MSCI's index tracking Latin American stocks slipped 0.7% by 1511 GMT However, both indexes are on track for gains in November with the currencies index on course for a nearly 4% gain, while the equities index is set to end the month over 10% higher, its best month since March. Eduardo Ordonez Bueso, EM debt portfolio manager at BankInvest said that weakness in the dollar earlier in the month on the possibility of U.S. rates peaking and hopes of a soft landing had been major drivers for investor interest in the region. Argentina's Merval index is the best performing through November, up nearly 40% on optimism following presidential-elect Javier Milei's recent win. "The stand out there was Argentina with surprising results in the presidential election... that has been fueling hopes that something can be done to improve the situation in the country," Bueso added. On Thursday, however, the index shed 2.2%. Meanwhile, Brazil's Bovespa rose 0.3% with shares of state-owned oil firm Petrobras jumping 1.6% on a climb in crude prices ahead of a decision on production by OPEC+. The biggest regional economy is expected to join the OPEC+ group of oil-producing countries, a delegate told Reuters. Embraer surged 2.3% after the Brazilian planemaker said that Canada's Porter Airlines placed a firm order for an additional 25 E195-E2 aircraft in a deal worth $2.1 billion. The real weakened 0.6%. Data showed Brazil's jobless rate fell for the seventh rolling quarter in a row to 7.6%, in the three months through October, however strong net job creation has not led to a spike in wages enabling the central bank to continue monetary easing. Mexico's peso depreciated 0.7%, extending losses from the previous session after the Bank of Mexico said rate cuts were on the table in early 2024 and revised its inflation and growth forecast for 2024. The peso of copper producer Chile and the local benchmark index dipped 0.2% after data showed the country's output of the red metal decreased 4.4% year-on-year in October. The currency of Peru, another regional producer of copper, was flat. Elsewhere, India's main stock indices and reversed earlier losses and both closed 0.1% higher after data showed the local economy grew much faster than expected in the July-September quarter, helped by government spending and manufacturing. Key Latin American stock indexes and currencies at 1511 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 984.48 0.15 MSCI LatAm 2443.14 -0.7 Brazil Bovespa 126514.51 0.28 Mexico IPC 52847.19 0.1 Chile IPSA 5783.33 -0.16 Argentina MerVal 772925.33 -2.208 Colombia COLCAP 1143.65 0.44 Currencies Latest Daily % change Brazil real 4.9337 -0.98 Mexico peso 17.4034 -0.73 Chile peso 872.6 -0.52 Colombia peso 4043.75 -1.07 Peru sol 3.7378 -0.42 Argentina peso (interbank) 360.5000 -0.14 Argentina peso (parallel) 875 5.71 (Reporting by Johann M Cherian in Bengaluru; editing by Christina Fincher)