EMERGING MARKETS-Latam FX, stocks dip as hot U.S. inflation data dents early Fed rate cut hopes

* Dollar strengthens after hot inflation data * Pemex receives fresh stimulus * Chilean peso an outlier * Markets shut in Brazil, Argentina * FX down 0.3%, stocks off 0.7% (Updated at 3:15pm ET/2015 GMT) By Shashwat Chauhan and Lisa Pauline Mattackal Feb 13 (Reuters) - Most Latin American currencies slumped against the dollar on Tuesday following a hotter-than-anticipated U.S. inflation reading, dousing expectations of a reduction in borrowing costs. MSCI's gauge for Latin American currencies dropped 0.3% as the dollar index, which measures the currency against a basket of six major peers advanced 0.8% after closely watched data showed U.S. consumer prices increased more than expected in January. "Today's hotter print was the final nail in the coffin for the prospect of a March rate cut and will likely lead to renewed debate around a 'no landing' or overheating scenario," said Josh Jamner, investment strategy analyst at ClearBridge Investments. Trader bets showed that the Federal Reserve policymakers will probably wait until June before cutting interest rates. In contrast, building expectations of "higher for longer" Fed rates come as many of Latin America's biggest economies, such as Mexico, look set to cut interest rates to stimulate economic growth. "(Mexico's central bank) is set to launch its easing cycle as soon as next month even if a U.S. Fed cut does not materialize," analysts at TS Lombard wrote in a note. The Mexican peso was the worst hit among regional peers, down 0.9%, briefly touching an over one-week low, while Mexican stocks slipped 0.8%. Colombia's peso depreciated 0.6% against the greenback, on track to snap a four-day winning streak, while Peru's sol dropped 0.2% to 3.8718 a dollar. The Chilean peso was on outlier, rising 0.4% higher. Stocks in Chile and Colombia both fell over 1%, while a broader gauge of emerging market stocks dipped 0.7%, touching a one-week low. In company news, Mexico's government approved a new "fiscal stimulus" for heavily indebted state-owned energy company Pemex. The stimulus comes shortly after Moody's Investors Service cut the rating on the company's bonds from B3 to B1, pushing them deeper into junk status. Mexican antitrust regulator Cofece said it had identified "possible barriers" to e-commerce market competition given the dominance of Amazon and Mercado Libre. Mercado Libre's U.S. listing slipped 2%. Elsewhere in emerging markets, Romania's central bank held its benchmark interest rate at 7.00% for the ninth straight meeting, ahead of an expected January uptick in inflation and elevated uncertainty over fiscal risks in a busy election year. Trading activity was light as markets in Brazil and Argentina were closed for a public holiday, while Chinese markets were also closed for the Lunar New Year holidays. Key Latin American stock indexes and currencies at 2015 GMT: Latest Daily % change MSCI Emerging Markets 993.62 -0.24 MSCI LatAm 2523.95 -0.72 Mexico IPC 56973.97 -0.77 Chile IPSA 6024.12 -1.26 Colombia COLCAP 1235.02 -1.05 Currencies Latest Daily % change Brazil real 4.9536 0.11 Mexico peso 17.2164 -0.88 Chile peso 969 0.40 Colombia peso 3931.12 -0.56 Peru sol 3.8718 -0.24 Argentina peso 831.2000 -0.06 (interbank) Argentina peso 1125 1.78 (parallel) (Reporting by Shashwat Chauhan and Lisa Mattackal in Bengaluru; editing by Jonathan Oatis)