EMERGING MARKETS-Latam stocks soar on EU plan


01/07/2012 09:12 AST  Reuters

Latin American stocks headed toward their biggest daily gain of the year on Friday, after euro zone leaders agreed on steps to support troubled member states.

The MSCI Latin American stock index posted its biggest gain since November, rising more than 4 percent, though is still set to close Friday's session with a nearly 15 percent quarterly loss.

Shares gained across the region after euro zone leaders showed some flexibility toward solving the region's debt crisis at a summit on Friday. This bolstered markets that had fallen on investor skepticism that progress would be made.

Under an agreement, measures will be taken to cut borrowing costs in Italy and Spain and shore up the region's banks, helping calm investors' nerves over increasingly difficult financing conditions for some countries in the region.

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