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EMERGING MARKETS-Mexican peso slips on global risk aversion, Brazil's real bucks trend

Jan 3 (Reuters) - The Mexican peso weakened on Thursday as investors sought safe haven assets on worries about slowing global economic growth, but Brazil's real bucked the trend due to expectations for policy reform by the country's new government.

The real firmed 0.6 percent to a six-week peak against a weaker dollar, after rising more than 2 percent on Wednesday, as newly sworn in President Jair Bolsonaro's government took steps towards delivering promised and much needed reforms.

Brazil stocks also rose, recovering from a dip in early trade, and staying at all-time high levels hit on Wednesday.

"We will be susceptible to external volatility, but there is room for local assets to continue to show more positive relative performance as long as it is feasible to believe in the economic reforms and the smooth running of the new government," said Dan Kawa, a strategist at asset management company TAG Investimentos.

Energy stocks drove gains in Sao Paulo as oil prices rose, while state-controlled water and sewage provider Sabesp was the top performer, up more than 12 percent, boosted by the new government's privatization push.

Shares of state-run power company Eletrobras were more than 6 percent higher for the same reason.

The Mexican peso was 0.2 percent lower at 1342 GMT in volatile trading.

It fluctuated between trading flat to lower as risk aversion took hold on renewed concerns of slowing global growth after a shock revenue warning by Apple Inc, its first downgrade in nearly 12 years. The company blamed weaker iPhone sales in China.

Oil exporter Colombia's currency rose due to higher crude prices. The Colombian peso was 0.3 percent up at a two-week high.

Key Latin American stock indexes and currencies at 1342 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 952.05 -0.38 MSCI LatAm 2686.46 0.87 Brazil Bovespa 91297.96 0.31 Mexico IPC 0.00 0 Chile IPSA 5143.49 0.35 Argentina MerVal 31096.63 0 Colombia IGBC 11181.22 0 Currencies Latest Daily % change Brazil real 3.7680 1.09 Mexico peso 19.6027 -0.21 Chile peso 699.2 -0.27 Colombia peso 3233.5 0.12 Peru sol 3.37 -0.06 Argentina peso 37.6500 0.00 (interbank) (Reporting by Susan Mathew in Bengaluru, additional reporting by Claudia Violante in Sao Paulo;)