EMERGING MARKETS-Petrobras, U.S. jobs data weigh on Latam stocks

* Brazil's Petrobras slides as recommendations cut

* Mexico's IPC closes at second consecutive life high

* Mexico's IPC up 0.33 pct, Bovespa dips 1.04 pct (Updates to close)

By Luciana Lopez and Caroline Stauffer

SAO PAULO/MEXICO CITY, Oct 6 (Reuters) - Latin American stocks fell on Wednesday after September data showed U.S. private employers unexpectedly shed jobs, stoking fears of sluggish growth in the world's biggest economy.

Brazil's state-controlled Petrobras also drove losses as banks, including Barclays Capital and Itau, cut their ratings on the stock on concerns the company might suffer from potential declines in oil prices and too much state interference.

The MSCI Latin American stocks index <.MILA00000PUS> slid 0.48 percent after gaining for the past 10 sessions.

"The jobs report soured the investor mood," said Newton Rosa, chief economist with SulAmerica Investimentos.

The report from ADP Employer Services also gave investors pause about the U.S. non-farm payroll reports due on Friday. [ID:nN06211208]

The United States -- the world's largest economy, and a major Latin America trading partner -- has struggled to get back on its feet after the global economic crisis.

Still, if the September payroll number disappoints, Rosa said, markets could actually gain on hopes the U.S. Federal Reserve will be spurred to try to stimulate the economy again by pouring more dollars into the markets.

With U.S. interest rates near zero, investors could then take cheaply borrowed dollars to Latin America, chasing the region's higher yields, Rosa added.

PETROBRAS WOES

Brazil's Bovespa index <.BVSP> lost 1.04 percent, capping a seven-session streak of gains.

Preferred shares of Petrobras lost 4.15 percent while Petrobras common stock dropped 3.98 percent.

Both types of shares, which together make up nearly 15 percent of the MSCI Latin American stocks index, logged their biggest tumble in almost a month.

Investment banks, including Barclays Capital and Itau Securities, cut their ratings on the stock, and Bank of America Merrill Lynch lowered their earnings per share estimates. [ID:nN06266509]

In addition, lingering questions over the company's future as it tries to tap technically tricky offshore oil reserves have stoked investor caution.

Petrobras will likely see some volatility until investors finish digesting the company's $70 billion share offering last month, the world's largest ever, said Jose Francisco de Lima Goncalves, chief economist of Sao Paulo-based Banco Fator.

Limiting the Bovespa's decline was energy company OGX , which gained 1.9 percent.

Mexico's IPC index <.MXX> gained 0.33 percent, closing at a life high for the second consecutive session.

"With the upcoming quarterly earnings season, investors see a good opportunity to buy," said Fernando Gonzalez, director of the firm Fast Profit.

Broadcaster Televisa rose 1.6 percent, adding to a 12 percent surge on Tuesday after the company announced it will invest $1.2 billion to take a stake in U.S.-based rival Univision, clinching a bigger take of the lucrative U.S. Hispanic market. [ID:nN04153478]

Shares in Mexico's top retailer, Wal-Mart de Mexico , eased 0.06 percent.

The company reported a 2.3 percent rise in September same-store sales from a year ago after markets close, which was below market expectations. [ID:nWNA1433]

Chile's IPSA index <.IPSA> fell 0.31 percent, extending a losing streak to a third session.

Retailers pressured, with Falabella dropping 0.51 percent and Cencosud 1.52 percent. (Editing by Dan Grebler)