MEXICO CITY, Jan 13 (Reuters) - Latin American stocks fell on Monday, tracking U.S. markets into the red as investors in the United States were cautious ahead of a big week of company results.

Brazil's benchmark Bovespa index dropped 0.54 percent, while Mexico's IPC index fell 0.71 percent. Chile's bourse was flat.

A measure of world stock markets was lower on Monday, weighed by a broad decline on Wall Street on growing caution ahead of an onslaught of corporate results. Negative pre-announcements have been piling up, leaving a lackluster profit growth outlook

In Brazil, shares in state oil giant Petrobras dropped 1.25 percent, while iron ore behemoth Vale lost 0.96 percent.

However, shares of Embraer SA , the Brazilian manufacturer of regional, executive and defense aircraft, rose 1.31 percent. HSBC Securities said in a client note Embraer's fourth-quarter sales were robust, reinforcing management's credibility and adding momentum to a company already benefiting from the stronger U.S. dollar.

In Mexico, shares in cement producer Cemex fell 2.89 percent, driving losses in the index.

Strategists at Santander Investment Securities Inc led by Jesús Gómez maintained their preference for Mexican equities over Brazil's, mainly because of the former's more promising economic outlook as well as the rising probability of downgrades in earnings estimates in Brazil.

In Chile, whose index closed 0.05 percent down at 3,618.8 points, bank Santander drove losses, falling 1.04 percent.