* Colombian peso outpaces regional peers * Mexican central bank cut rates as expected (Updates prices) By Ambar Warrick and Susan Mathew Feb 11 (Reuters) - Brazil"s real weakened on Thursday on downbeat economic data, while an expected interest rate cut in Mexico elicited little reaction from the peso. Mexico"s peso was up half a percent after a brief and slight paring of gains when the central bank cut the key interest rate, for the first time since September, by 25 basis points to 4.00% in a unanimous decision. The Bank of Mexico said the balance of risks for inflation in Mexico and the outlook for economic activity remained uncertain while risks for the economy were tilted toward the downside. Strength in oil prices supported the crude exporter"s currency as it did fellow regional oil exporter Colombia"s peso which led gains across the region with a 1% rise. Data showing a stalling recovery in the U.S. labour market strengthened the case for a large stimulus package there, spurring appetite for riskier assets in emerging markets. Brazil"s real, however, lagged its peers for a second day, as data showed services activity unexpectedly fell in December because of a second wave of coronavirus cases. Concerns over stretched fiscal spending have hurt the real, despite the prospect of quicker-than-expected rate hikes by the central bank. Brazil"s central bank president Roberto Campos Neto also warned that an economic recovery in Latam"s largest economy was losing steam. Bets on more U.S. stimulus and steady vaccine rollouts have driven investors into riskier assets such as EM equities of late, an index of which hit a record high on Thursday. But Latam stocks, which were flat on the day, have lagged their peers through 2020. Cement producer Cemex rose almost 4% to top Mexico"s main index after the company reported net income of $70 million for the fourth quarter, compared with a $238 million loss a year earlier, bolstered by higher sales in the United States and Mexico. The debt restructuring journey for Argentina"s troubled energy major YPF saw it swerve a default on Thursday after it received support from bondholders of almost 60% its 2021 bond maturing in March. Argentina consumer prices rose 4.0% in January versus a month earlier, data showed, flat against December"s result and slightly ahead of analyst expectations amid fears inflation is heating up. The Argentine peso has been successively hitting new lows with declining economic fundamentals providing no support. Latin American stock indexes and currencies: Stock indexes Latest Daily % change MSCI Emerging Markets 1428.98 0.42 MSCI LatAm 2403.15 0.14 Brazil Bovespa 119318.76 0.75 Mexico IPC 44081.18 -1.42 Chile IPSA 4548.20 0.45 Argentina MerVal 51855.49 -0.164 Colombia COLCAP 1360.90 -0.97 Currencies Latest Daily % change Brazil real 5.3878 -0.35 Mexico peso 19.9530 0.34 Chile peso 724.2 0.23 Colombia peso 3524 0.96 Peru sol 3.6398 -0.09 Argentina peso 88.4400 -0.08 (interbank) (Reporting by Ambar Warrick in Bengaluru; Editing by Andrea Ricci and Grant McCool)