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EMERGING MARKETS-Latam stocks, FX rally as Fed fears ease; Petrobras climbs on record dividend payout

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* Petrobras opens dividend gusher of $17 billion dollar * Recession lurks as U.S. economy contracts again in Q2 * Brazilian airline Gol falls on Q2 net loss (Updates prices) By Anisha Sircar and Devik Jain July 28 (Reuters) - Latin American stocks and currencies rallied on Thursday amid a global risk rally on hopes of a possible slowdown in the pace of U.S. interest rate hikes, while Brazil's Petrobras gained after it approved a record dividend payout of 87.8 billion reais ($17 billion). Stocks jumped 3.7%, to hit a one-month high, with Brazil's Bovespa leading the gains. Shares of state-run oil company Petrobras jumped 3.3% after it lowered gasoline prices at refineries and opened a dividend gusher that will boost the government's coffers heading into a tense election. The Brazilian real gained 1.58% while the broader currencies index added 2.2%. Meanwhile, the dollar slipped after data showed the U.S. economy unexpectedly contracted in the second quarter, fanning recession worries. The report came a day after the U.S. central bank delivered another 75 basis-point rate increase. Also aiding sentiment and boosting prices of commodities including copper and iron ore, the Financial Times reported that top metals consumer China will issue 1 trillion yuan ($148.2 billion) in loans for stalled property developments. "Chinese stimulus may gather pace in the coming months and support EM growth, especially in Latam," said Regis Chatellier, director of EM strategy at Oxford Economics. "Inflation and policy rates in Latam countries will have peaked by next year, which should give policy room to support economic growth." Colombia's peso gained 1.24% ahead of a central bank policy meeting on Friday. Argentina's parallel black market peso strengthened 5.5% against the dollar, after the country's central bank jacked its benchmark interest rate by 800 bps to 60%, in a renewed push to tame surging inflation. The tightly controlled official peso was down 0.17%. Chile's central bank considered hiking rates by 100 bps at its July meeting, minutes showed. Worries about a global recession have dragged commodity prices lower from multi-year highs hit earlier this year, thereby weighing on the resource-rich Latin American currencies after a strong first-half performance. Adding to that rising Treasury yields on expectations of higher U.S. rates spell trouble and are painful for countries which gorged on dollar borrowing to finance themselves. "We see limited USD debt rollover risks for the largest EMs, but other risks (sticky inflation, higher local EM rates, and the recent sell-off in commodity prices) can certainly weigh on growth in second half," Goldman Sachs strategists Caesar Maasry and Jolene Zhong wrote in a note. "We recommend investors remain defensive within the EM complex, favoring 'early cycle' economies (such as ASEAN) over more vulnerable 'late cycle' EMs (including most of CE-3 and Latin America)." Airline Gol Linhas Aereas Inteligentes SA slid 5.1% after reporting a steep second-quarter net loss. Key Latin American stock indexes and currencies at 1954 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 998.87 0.91 MSCI LatAm 2124.01 3.71 Brazil Bovespa 102597.99 1.14 Mexico IPC 48024.10 2.52 Chile IPSA 5259.34 0.15 Argentina MerVal 127284.94 0.73 Colombia COLCAP 1305.90 0.44 Currencies Latest Daily % change Brazil real 5.1630 1.65 Mexico peso 20.3050 0.44 Chile peso 909.4 1.00 Colombia peso 4361.6 1.24 Peru sol 3.91 0.00 Argentina peso (interbank) 131.1200 -0.16 Argentina peso (parallel) 309 5.50 (Reporting by Anisha Sircar and Devik Jain in Bengaluru; Editing by Hugh Lawson and Daniel Wallis 8)