December 3, 2019 / 10:40 AM / 12 days ago

CEE MARKETS-CEE FX slides marginally, stocks down on fresh U.S. trade woes

    By Radu-Sorin Marinas
    BUCHAREST, Dec 3 (Reuters) - Central European currencies
mostly slid marginally in thin trade on Tuesday while stocks
eased mirroring emerging assets with investors wary of fallout
from a new U.S. trade conflict with Latin American export
heavyweights.
    As trade frictions with China already roil markets,
Washington said it would restore tariffs on metal imports from
Brazil and Argentina.
    In Central Europe, Warsaw's WIG 20 led regional
losses, down 0.5% on the day, with Poland's second largest
lender, Pekao, falling 1.7% to 98.06 zloty by 1000 GMT.
    Acting Pekao CEO Marek Lusztyn told Polish business daily
Parkiet on Tuesday the bank will continue with its outlined
strategy after the unexpected resignation of former CEO Michal
Krupinski on Friday.
    Budapest's market eased 0.4% on the day, followed by
Prague down 0.3% and Bucharest 0.1%.
    Players said all eyes will be on this week's monetary policy
council in Poland, seen keeping interest rates unchanged.
    "The assumption about interest rate stabilization (as in
minutes) will probably be repeated," PKO BP analysts said in a
note.
    "Despite inflation above the NBP target, the market is
pricing in interest rate cuts over the next two years, which is
influenced by the actions of major central banks as well as the
slowdown in the global economy, with recent GDP data also
showing signs of a slowdown in Poland."
    By 1010 GMT, the Polish zloty led losses with a
0.2% fall, followed by the Romanian leu and the Czech
crown with 0.1% slide each. The Hungarian forint was
flat at 332.2 to the euro.  
    
            CEE        SNAPSHO   AT                       
            MARKETS    T        1100 CET           
                       CURRENC                            
                       IES                         
                       Latest   Previous  Daily    Change
                       bid      close     change   in 2019
 Czech                 25.5500   25.5460   -0.02%   +0.61%
 crown                                             
 Hungary               332.150  332.2000   +0.02%   -3.33%
 forint                      0                     
 Polish                 4.2881    4.2831   -0.12%   +0.03%
 zloty                                             
 Romanian               4.7780    4.7760   -0.04%   -2.60%
 leu                                               
 Croatian               7.4347    7.4375   +0.04%   -0.33%
 kuna                                              
 Serbian               117.450  117.4900   +0.03%   +0.72%
 dinar                       0                     
 Note:      calculated from               1800            
 daily                                    CET      
 change                                            
                                                          
                       Latest   Previous  Daily    Change
                                close     change   in 2019
 Prague                1080.05  1081.690   -0.15%   +9.48%
                                       0           
 Budapest              43167.2  43370.30   -0.47%   +10.29
                             2                           %
 Warsaw                2115.98   2122.30   -0.30%   -7.06%
 Bucharest             9902.09   9903.07   -0.01%   +34.11
                                                         %
 Ljubljana              898.67    898.96   -0.03%   +11.74
                                                         %
 Zagreb                2003.45   2002.18   +0.06%   +14.56
                                                         %
 Belgrade   <.BELEX15   771.92    770.93   +0.13%   +1.34%
            >                                      
 Sofia                  544.05    547.82   -0.69%   -8.48%
                       BONDS                              
                       Yield    Yield     Spread   Daily
                       (bid)    change    vs Bund  change
                                                   in
 Czech                                             spread
 Republic                                          
   2-year   <CZ2YT=RR   1.5250    0.0240   +215bp    +3bps
            >                                   s  
   5-year   <CZ5YT=RR   1.2870    0.0570   +185bp    +7bps
            >                                   s  
   10-year  <CZ10YT=R   1.5000    0.0060   +179bp    +1bps
            R>                                  s  
 Poland                                                   
   2-year   <PL2YT=RR   1.3990   -0.0010   +202bp    +1bps
            >                                   s  
   5-year   <PL5YT=RR   1.7440   -0.0190   +230bp    -1bps
            >                                   s  
   10-year  <PL10YT=R   2.0430    0.0250   +233bp    +3bps
            R>                                  s  
            FORWARD    RATE     AGREEMEN                  
                                T                  
                       3x6      6x9       9x12     3M
                                                   interba
                                                   nk
 Czech Rep          <     2.24      2.24     2.15     2.18
            PRIBOR=>                               
 Hungary            <     0.27      0.31     0.35     0.17
            BUBOR=>                                
 Poland             <     1.73      1.70     1.64     1.71
            WIBOR=>                                
 Note: FRA  are for ask prices                            
 quotes                                            
 ************************************************         
 **************                                    
 
 (Reporting by Radu Marinas;
Editing by Andrew Cawthorne)
  
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