Turkey's stocks rise after inflation data; Polish rate decision due
Updated at 0905 GMT
Banks lift India stocks to record highs
Polish interest rate decision due at 1200 GMT
Pakistan met all requirements for IMF deal, official says
Stocks up 0.8%, FX flat
By Johann M Cherian
July 3 (Reuters) -Equities in most emerging markets rose on Wednesday, with benchmark indexes in India and Pakistan trading at record highs, while investors cheered signs of disinflation in Turkey and awaited a monetary policy decision in Poland.
MSCI's index tracking emerging market equities .MSCIEF added 0.8% to trade at its highest in over a week, while a currencies gauge .MIEM00000CUS was muted against the dollar.
Turkey's main stock index .XU100 rose 1% and banking stocks .XBANK added 2.5% after data showed inflation rose 71.6% in June on an annual basis, compared with expectations of a increase of 72.6%, according to economists polled by Reuters. The lira TRYTOM=D4 was little changed at 32.56 to the dollar.
"Although improvement in underlying price dynamics is already underway, solving the inflation problem requires time and discipline" said Bartosz Sawicki, market analyst at Conotoxia fintech.
"A return to single-digit inflation before 2027 seems highly unlikely. In the short term, exchange rate dynamics will remain unfavourable."
The lira had initially dropped to record lows as investor confidence ebbed against the backdrop of inflation that hit its highest level since November 2022 in May as a result of unorthodox monetary policy.
In focus will be a monetary policy decision out of Poland. The zloty EURPLN= inched up 0.2% ahead of the decision due at 1200 GMT, where the regulator is widely expected to leave borrowing costs unchanged at 5.75%.
The currency has been among better performers among central and eastern European peers, up nearly 1% year-to-date after the domestic central bank paused interest rate cuts on fears of price pressures flaring up.
Most other currencies in the region were roughly flat ahead of France's second round of elections.
In south Asia, India's BSE Sensex stocks index .BSESN climbed 0.5% to hit a record high, underpinned by HDFC Bank HDBK.NS and the expectation the private lender's weight could be increased in Morgan Stanley's MSCI indexes.
Pakistan's official said it has met all the requirements of the International Monetary Fund for securing a bailout deal of more than $6 billion, sending the country's main stock index .KSE up 1% to an all-time high.
Meanwhile, China's blue chip stocks .CSI300 closed 0.2% lower after services activity expanded at the slowest pace in eight months and confidence hit a four year low in June, with investors hoping for more economic stimulus.
South Africa's rand ZAR= strengthened 0.7% and the local all-share index .JALSH added 1.3% ahead of the swearing-in of President Cyril Ramaphosa's new unity government.
Zambia's kwacha EURZMW= rose 0.9% against the euro. The local finance ministry said the World Bank has approveda $208 million grant to help address the social and economic impact of drought.
For TOP NEWS across emerging markets nTOPEMRG
For CENTRAL EUROPE market report, see CEE/
For TURKISH market report, see .IS
For RUSSIAN market report, see RU/RUB
For GRAPHIC on emerging market FX performance in 2024 http://tmsnrt.rs/2egbfVh
For GRAPHIC on MSCI emerging index performance in 2024 https://tmsnrt.rs/2OusNdX
Reporting by Johann M Cherian in Bengaluru;Editing by Elaine Hardcastle
Activos relacionados
Últimas noticias
Descargo de responsabilidades: Cada una de las entidades de XM Group proporciona un servicio de solo ejecución y acceso a nuestra plataforma de trading online, permitiendo a una persona ver o usar el contenido disponible en o a través del sitio web, sin intención de cambiarlo ni ampliarlo. Dicho acceso y uso están sujetos en todo momento a: (i) Términos y Condiciones; (ii) Advertencias de riesgo; y (iii) Descargo completo de responsabilidades. Por lo tanto, dicho contenido se proporciona exclusivamente como información general. En particular, por favor tenga en cuenta que, los contenidos de nuestra plataforma de trading online no son ni solicitud ni una oferta para entrar a realizar transacciones en los mercados financieros. Operar en cualquier mercado financiero implica un nivel de riesgo significativo para su capital.
Todo el material publicado en nuestra plataforma de trading online tiene únicamente fines educativos/informativos y no contiene –y no debe considerarse que contenga– asesoramiento ni recomendaciones financieras, tributarias o de inversión, ni un registro de nuestros precios de trading, ni una oferta ni solicitud de transacción con instrumentos financieros ni promociones financieras no solicitadas.
Cualquier contenido de terceros, así como el contenido preparado por XM, como por ejemplo opiniones, noticias, investigaciones, análisis, precios, otras informaciones o enlaces a sitios de terceros que figuran en este sitio web se proporcionan “tal cual”, como comentarios generales del mercado y no constituyen un asesoramiento en materia de inversión. En la medida en que cualquier contenido se interprete como investigación de inversión, usted debe tener en cuenta y aceptar que dicho contenido no fue concebido ni elaborado de acuerdo con los requisitos legales diseñados para promover la independencia en materia de investigación de inversiones y, por tanto, se considera como una comunicación comercial en virtud de las leyes y regulaciones pertinentes. Por favor, asegúrese de haber leído y comprendido nuestro Aviso sobre investigación de inversión no independiente y advertencia de riesgo en relación con la información anterior, al que se puede acceder aquí.