EMERGING MARKETS-Latam stocks, FX track global markets higher, head for weekly gains

* Brazil's inflation slows to 0.21% in mid-April vs est 0.29% * Brazil's cenbank chief points to US interest rates as major beacon * S&P Global Ratings cuts Peru's rating * Latin American stocks jump 1.5%, FX adds 0.8% By Bansari Mayur Kamdar April 26 (Reuters) - Currencies and stocks in Latin America rose on Friday, setting both indexes on track for weekly gains, tracking upbeat risk sentiment globally as Wall Street rallied on robust earnings reports. The MSCI index for Latin American currencies gained 0.8% and was on track to end the turbulent week 1.4% higher following steep losses earlier in the month when investors walked away from riskier assets due to uncertainties from heightened tensions in the Middle East. Brazil's real gained 0.9% against the dollar. Data showed prices in Latin America's largest economy rose slightly less than expected in the mid-April reading. "This inflation release probably just keeps the door open to a 50 bp move, rather than a smaller 25 bp cut," said William Jackson, chief emerging markets economist at Capital Economics. "But the key point is that, with fiscal concerns building and the real under pressure, the pace of monetary easing is set to slow very soon." Latin American currencies have struggled this month against a strengthening dollar as investors pushed back bets for Federal Reserve interest rates cuts. Brazil's central bank chief Roberto Campos Neto emphasized that U.S. interest rates are currently a major beacon, with all eyes focused on the inflation of the world's largest economy, which has stopped falling. Mexico's peso, Peru's sol and the Colombian peso advanced between 0.4% and 1.0%, respectively against the dollar on Friday, tracking broader markets. The S&P Global Ratings on Thursday downgraded Peru's rating to BBB- from BBB, citing political difficulties facing the South American country, but kept the outlook at "stable." The Chilean peso gained 0.6% against the greenback, setting it on track for its second straight weekly gain as firm copper prices continued to support the currency of the top copper producer. Regional stocks were up 1.5% and also on track for weekly gains, with Brazil's Bovespa index leading gains on boost from financial stocks. The Mexican Senate approved the creation of a new pension fund on Thursday aimed at boosting payouts to the lowest-earning recipients. Argentina's central bank lowered the benchmark interest rate to 60% annually from 70%, the monetary policy entity said on Thursday. Elsewhere in emerging markets, the Russian rouble rose against the dollar after the Bank of Russia held its key interest rate at 16%, as expected. Inflation is set to ease more slowly than previously thought, Russia's central bank said. Key Latin American stock indexes and currencies at 1428 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1040.84 1.19 MSCI LatAm 2458.63 1.55 Brazil Bovespa 126249.95 1.29 Mexico IPC 57412.63 0.57 Chile IPSA 6346.38 0.55 Argentina MerVal 1251856.7 0.539 3 Colombia COLCAP 1358.90 0.66 Currencies Latest Daily % change Brazil real 5.1166 0.90 Mexico peso 17.1426 0.31 Chile peso 943.1 0.54 Colombia peso 3926.6 0.91 Peru sol 3.7568 -0.39 Argentina peso (interbank) 874.5000 -0.06 Argentina peso (parallel) 1035 1.93 (Reporting by Bansari Mayur Kamdar in Bengaluru Editing by Marguerita Choy)