Stocks slip as recovery fizzles, forint gains after inflation data
Updated at 0900 GMT
Hungary inflation above forecasts
Taiwan, South Korea stocks lead declines
RBI holds rates
Turkish central bank Keeps inflation forecasts unchanged
By Lisa Pauline Mattackal
Aug 8 (Reuters) -Emerging market stocks lost ground on Thursday, tracking global equities lower as a two-day rebound in risk assets lost steam, while Hungary's forint rose after data pointed to rising inflationary pressures.
Equity markets opened lower, with tech-heavy bourses in Taiwan .TWII and South Korea .KOS11 leading losses in Asia.
Similarly, bourses in Prague .PX, Budapest .BUX and Warsaw .WIG20 fell between 0.1% and 1.4%, while MSCI's gauge of global emerging market stocks .MSCIEF lost 0.5%.
Sentiment remained fragile after concerns about a U.S. economic recession set off a rise in safe-haven assets like the yen, leading to a steep selloff on Monday. Markets had regained some ground in the previous two days.
"We have seen a couple of better sessions for risk assets, where some stability in equity markets has allowed market interest rates to rise from panicked levels and allowed some of the battered risk currencies to claw back some of their heavy losses," analysts at ING wrote in a note.
"Determining whether those equity corrections continue or fizzle out will be the combination of U.S. data and Fedspeak."
Hungary's forint EURHUF= strengthened to 396.92 against the euro after core inflation rose to 4.7% in July, sending "a mildly hawkish signal to the National Bank of Hungary," according to ING.
Other central European currencies traded slightly higher against the euro, with Poland's zloty EURPLN= picking up from a one-month low touched on Wednesday.
Markets will pay close attention to U.S. jobless claims data later on Thursday for direction on the path of economic growth and likely monetary policy response in the world's largest economy.
MSCI's gauge of EM currencies .MIEM00000CUS rose 0.2% .MIEM00000CUS, as the U.S. dollar =USD gave back gains. FRX/
Shares of Poland's second largest lender Pekao PEO.WA lost 4.6% after higher operating costs weighed on its second-quarter net profit, further weighing on the Polish stock index.
Elsewhere, the Turkish Central Bank will maintain its tight monetary policy stance so that disinflation will continue, bank governor Fatih Karahan said, while leaving inflation forecasts unchanged.
The lira TRYTOM=D3 was flat against the dollar, while Turkish stocks .XU100 gained 0.3%.
India's rupee was steady INR=IN, while stocks lost ground after the Reserve Bank of India kept its key interest rate unchanged.
Elsewhere, Egypt's annual urban consumer price slowed to 25.7% in July, below median forecasts of 26.6%. The Egyptian pound EGP= was little changed against the dollar.
The Russian rouble EURRUB= slipped to 94.44 per euro as oil prices slipped after two days of gains.
The Nigerian naira NGN=D1 strengthened to 1,597 per dollar, from 1,628 on Wednesday after the country's central bank sold $876 million to ease pressure on the currency.
HIGHLIGHTS:
** Fed easing bets, carry trade unwind turn analysts bullish on Asian currencies
** China exporters loath to convert dollars even as yuan jumps
** China's treasury bonds fell as state banks sold seven-year government debt in large volume, and regulators began probing several small lenders over their trading.
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 Lisa Mattackal in Bengaluru; Editing by David Evans
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