EMERGING MARKETS-Latam markets inch up; Mexico's peso steady after inflation data

* Turkey central bank hikes rate sharply, sees peak soon * Mexico inflation ticks up as summer power subsidies end * Latam stocks up 0.5%, FX up 0.1% By Johann M Cherian Nov 23 (Reuters) - Most Latin American stocks and currencies edged up on Thursday in holiday-thinned trade, while Mexico's peso was cushioned by latest data signaling persistent local inflation pressures, boosting bets for Banxico to keep rates steady through the year. Mexico's peso ticked up 0.2% and the local benchmark equities index added 0.3% after data showed annual inflation in the region's top economy edged up to 0.63% in its mid-November reading, from 0.24% the previous month. "We continue to think that Banxico will be the last major central bank in the region to cut interest rates (in Q1 of next year) and, if anything, the risks are skewed towards a later start to the easing cycle," said William Jackson, chief emerging markets economist at Capital Economics. Investors now await minutes from Banxico's November monetary policy meeting due later in the day. More broadly, MSCI's index tracking Latin American currencies rose 0.1%, against the dollar while the index tracking stocks added 0.5% by 1441 GMT. Trading worldwide was expected to be quiet due to the Thanksgiving holiday in the U.S. Brazil's real inched 0.4% up after monetary policy director Gabriel Galipolo said that variables with a higher transmission capacity for monetary policy have performed well, even amid international turbulence, including fluctuations in the exchange rate and oil prices. The local stock index Bovespa climbed 0.3%, with Bradesco adding 3.0% after the lender said its board of directors has elected Marcelo de Araujo Noronha as the firm's new chief executive. Sabesp added 1.0% after the privatization of the Sao Paulo water and basic sanitation firm was approved by commissions of the legislative assembly. Meanwhile, Argentina's Merval index gained for the third-straight session, adding 2.8%. The country raised taxes on U.S. dollar purchases destined for savings or made with bank cards to protect the central bank's limited reserves, weeks before President-elect Javier Milei assumes office on Dec. 10. Oil exporter Colombia's peso slipped 0.2% as crude prices extended previous session's losses while, copper producer Chile's peso appreciated 0.2% as prices of the red metal brightened. Chile's benchmark stock index fell 0.4%. Among company news, ratings agency Fitch downgraded Codelco's credit rating by one notch to BBB+ from A-, to reflect the deterioration of the state-owned copper giant's credit profile. Elsewhere, Turkey's lira pared some gains and traded at 28.85 to the dollar after the local central bank raised its policy rate by a larger-than-expected 500 basis points to 40%. Key Latin American stock indexes and currencies at 1450 GMT: Latin American market prices from Reuters Stock indexes Latest Daily % change MSCI Emerging Markets 987.27 0.37 MSCI LatAm 2470.84 0.43 Brazil Bovespa 126548.34 0.41 Mexico IPC 52841.98 0.33 Chile IPSA 5776.55 -0.41 Argentina MerVal 851972.93 1.593 Colombia COLCAP 1133.70 0.15 Currencies Latest Daily % change Brazil real 4.8894 0.24 Mexico peso 17.1725 0.20 Chile peso 871.9 -0.01 Colombia peso 4067.5 -0.04 Peru sol 3.7243 -0.01 Argentina peso 356.9500 -0.13 (interbank) Argentina peso 1045 3.35 (parallel) (Reporting by Johann M Cherian in Bengaluru Editing by Marguerita Choy)