By Pranav Kashyap

Aug 29 (Reuters) - Latin American equities were poised for a fourth straight week of gains, while most currencies slipped on Friday as investors digested fresh U.S. economic data.

The MSCI gauge for Latin American stocks .MILA00000PUS was flat on the day, but set to log its longest weekly winning streak in over six months. On a monthly basis, it was on course to log its best month in nearly eight.

Meanwhile, a similar gauge for currencies .MILA00000CUS was poised to snap its longest weekly run of gains in one month, and was 0.2% lower on the day.

Brazilian equities .BVSP were set to log their best month in over one year as Brazil's inflation finally showed signs of cooling in August.

Brazilian President Luiz Inacio Lula da Silva said he was in "no rush" to reciprocate tariffs imposed by the United States and reiterated that his administration was open to negotiations.

Separately, data showed Brazil's public sector gross debt reached 77.6% of gross domestic product $(GDP)$ in July.

Meanwhile, most currencies in the region nudged lower as investors digested fresh data from the U.S. that showed consumer spending increased solidly in July while underlying inflation picked up as tariffs on imports raised prices of some goods.

Argentina's peso ARS=RASL staged a rare rally in August - its first monthly gain since October 2023, as President Javier Milei's fiscal overhaul gained traction and inflation showed signs of cooling.

JPMorgan analysts have a favorable view on Argentina and say that the country "continues to deliver on key issues that were set at the beginning of the Milei administration."

The Argentine peso jumped 1.3%, while stocks in Buenos Aires .MERV fell 1.6%, and were poised to log their worst month since February amid recent political tensions ahead of the October legislative election campaign.

Meanwhile, Chilean stocks .SPIPSA were on course to log their best monthly performance in over two years.

JPMorgan analysts note that Chilean markets "soared in August" on the back of an increase in lithium prices and election polls indicating that regime change is a real possibility.

The country's peso CLP= was headed for modest monthly gains, and was the sole gainer among major peers in the region.

It rose 0.2% against the dollar as data showed Chile's unemployment rate was down to 8.7% in July.

The Mexican peso MXN= was steady, while stocks were down 0.3% ahead of the release of the central bank's quarterly report, which includes an update to its forecasts for inflation and economic growth.

Key Latin American stock indexes and currencies:

(Reporting by Pranav Kashyap in Bengaluru, Editing by William Maclean)

((pranav.kashyap@tr.com; +919886482111;))