EMERGING MARKETS-Commodity strength boosts Latin American assets, EM stocks dip for second week

* Brazilian assets lead broader gains on Chinese data * Ghana agrees debt restructuring deal with official creditors * Argentina international bonds extend gains on IMF deal * Emerging market stocks set for weekly losses, FX edges higher * Stocks up 0.7%, currencies rise 0.4% (Updated at 3 p.m. ET/2000 GMT) By Siddarth S and Lisa Pauline Mattackal Jan 12 (Reuters) - Resource-heavy Latin American assets were boosted by commodity prices on Friday, but a gauge of global emerging market stocks was on track for its second week of declines as investors continued to parse U.S. economic data to determine when borrowing costs could decrease. Oil prices jumped about 1% on supply concerns as some tankers diverted course from the Red Sea following strikes by the U.S. and Britain on Houthi targets in Yemen. MSCI's index tracking Latin American stocks was up 0.7% by 2000 GMT, while a basket of regional currencies rose 0.4%. The Mexican peso and Brazilian real led gains, up 0.3% and 0.1%, respectively. For the week, the broader Latam stocks index was set to slip 0.8% while the currencies index gained 0.3%. MSCI's gauge of emerging market stocks dipped 0.6% while its index tracking EM currencies was flat. Emerging market assets throughout the week were buffeted by changing bets on U.S. interest rates ahead of a closely watched and above-forecast U.S. inflation report on Thursday which lifted the dollar. "The dollar may recuperate a big chunk of what it lost in Q4 (2023) ... it really comes down to staying on a growth path for emerging markets and Latin America," Juan Perez, director of trading at Monex USA told the Reuters Global Markets Forum . However, traders closed the week putting a 79% chance of a rate cut at the Fed's March meeting, according to LSEG's rate probability app. On Friday, Brazilian and Mexican stocks led gains, both rising about 0.3%, lifted by energy shares. Argentina's Merval stock index lost 1.5% and the official peso weakened to 816 against the dollar in a week where the data showed the country's annual inflation rate rose above 211% in December. A presidential spokesman said the monthly inflation rate is likely to remain in double digits in the next few months. "Looking ahead, we expect prices to continue adjusting to December's FX correction, despite the central bank's FX anchor," Bruno Gennari, emerging markets strategist at KNG Securities said in a note. Argentina's international dollar bonds extended gains a day after a crucial International Monetary Fund deal. The 2029 note rose 1.27 cents to trade at 40.1250 cents on the dollar, according to MarketAccess data. Elsewhere, Ghana's finance ministry said it reached a deal to restructure $5.4 billion of loans with official creditors, in a milestone in the country's quest for debt relief. Shares in Mexican airline Volaris dropped over 5% after releasing first quarter and full-year 2024 guidance. Key Latin American stock indexes and currencies at 2000 GMT: Latest Daily % change MSCI Emerging Markets 996.57 0.18 MSCI LatAm 2597.49 0.71 Brazil Bovespa 131080.19 0.33 Mexico IPC 55620.86 0.33 Chile IPSA 5968.61 -1 Argentina MerVal 1027602.77 -1.563 Colombia COLCAP 1286.28 0.24 Currencies Latest Daily % change Brazil real 4.8565 -0.01 Mexico peso 16.8682 0.25 Chile peso 909.9 0.05 Colombia peso 3914.21 0.01 Peru sol 3.6953 -0.17 Argentina peso 816.0000 -0.06 (interbank) Argentina peso 1100 1.82 (parallel) (Reporting by Siddarth S and Lisa Mattackal in Bengaluru; Editing by Paul Simao and Marguerita Choy)