Mexican stocks .MXX dipped 0.1%. The country's economy is expected to grow at a slower pace this year and the next than previously forecast over investment concerns due to trade rules with the U.S., a Reuters poll showed.
On the FX front, the dollar index =USD was up 0.1%. Peru's sol PEN= declined 0.3%.
Markets in Colombia remained closed on a public holiday.
Brazil, Mexico and Argentina move unevenly
MSCI's Latin American equity index .MILA00000PUS edged 0.6% higher, while the region's currencies .MILA00000CUS rose 0.5% against the dollar.
"From a cyclical point of view, Latin America valuations are still relatively cheap and with commodities remaining high without a bigger downturn in terms of growth, I think Latin (American) equities can continue to do well," said Alejandro Cuadrado, Latin America strategist at BBVA.
The appeal of the region's assets has persisted, Cuadrado said, noting that countries such as Brazil and Colombia continue to offer relatively high yields, and the resulting premium remains "another layer of attractiveness" for investors.
Meanwhile, Brazil's finance minister, Dario Durigan, said on Friday there were no grounds for discussing retaliation against the latest U.S. tariffs and promised to evaluate reciprocal measures.
The announcement of 25% tariffs last week on imports from Brazil came ahead of October's presidential election, for which the opinion polls show President Luiz Inacio Lula da Silva outpacing conservative Senator Flavio Bolsonaro.
Equities in Brazil .BVSP rose 0.1%, while the Brazilian real BRL= gained 0.4%. A poll from the region's largest economy's central bank showed that inflation for 2026 is expected to be at 5.15%.
"Domestic demand is gradually losing momentum after a surprisingly resilient start to the year. The slowdown remains orderly, however, rather than abrupt," said Andres Abadia, chief LatAm economist at Pantheon Macroeconomics.
Argentine stocks .MERV rose 0.8%, while equities in Peru .MXNUAMPESCPGPE were muted.
LatAm assets rise as markets watch Middle East tensions
Most Latin American currencies strengthened against the dollar on Monday, while equities were mixed as investors weighed signs of a possible off-ramp between the U.S. and Iran against lingering geopolitical risks in the Middle East.
Tensions in the region escalated over the weekend as the United States and Iran exchanged fresh strikes, while Yemen's Iran-aligned Houthis said on Monday they were imposing a naval blockade on Saudi Arabia that could open a new front against the U.S. in the war.
Oil prices rose to as much as $91.42 a barrel, but pared gains after a report, citing a senior Iranian official, said mediators had presented Tehran with a proposal aimed at de-escalating the conflict with Washington.
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