Hungarian and Czech stock markets rebound, currencies weaken
BUDAPEST, Aug 6 (Reuters) -Central European currencies weakened on Tuesday after cutting some of their losses as markets closed, with regional stock markets rebounding as policymakers attempted to stabilize financial markets after a turbulent Monday.
Last week's U.S. employment reports, which sent fears of a U.S. recession around the globe, combined with a firming Japanese yen induced a stock market sell-off on Monday and risk-off sentiment, although these calmed somewhat by the time European markets closed.
Hungary's stock market index .BUX rebounded by more than 2%, with Richter GDRB.BU outperforming the bourse after reporting revenue growth of 213 billion forints in Q2, up 16% year-on-year.
Pharma revenues grew to 213 billion forints in Q2, up 16% year-on-year, for a cumulative 413 billion forints in the first half, the company said.
Hungary's forint EURHUF= almost hit a 5-month low against the euro during Monday's session, stopping just under the psychological barrier of 400 before firming somewhat before markets' closed.
By 0806 GMT, the currency was trading flat at 396.9.
"Yesterday's market reaction was exaggerated, the forint's weakening was mainly attributable to that," a local FX trader said.
"However, there are still tensions in the global economy, such as the situation in the Middle East, which, if it escalates, can unleash an even greater risk-off mood, hurting emerging market currencies."
The Polish zloty EURPLN= weakened 0.2%, trading at 4.3 to the euro, but stayed below its monthly low hit during yesterday's session.
"The situation on the financial markets has calmed down somewhat ... The zloty ... showed great resilience from the beginning of the turmoil ... (trading around) the level where it fluctuated at the turn of July and August," Bank Millennium said in a note.
The Czech crown also weakened 0.2% on the day, trading at 25.31, continuing to trade in range after rebounding from a 6-month low hit earlier this month.
Prague's stock exchange also rebounded as the main index .PX traded 2.5% higher. But the Warsaw bourse underperformed the region by losing 0.1% to extend Monday's losses.
CEE MARKETS | SNAPSHOT | AT 1006 CET | ||||
CURRENCIES | ||||||
Latest | Previous | Daily | Change | |||
trade | close | change | in 2024 | |||
EURCZK= | Czech crown | EURCZK= | 25.3100 | 25.2550 | -0.22% | -2.40% |
EURHUF= | Hungary forint | EURHUF= | 396.9000 | 396.8500 | -0.01% | -3.46% |
EURPLN= | Polish zloty | EURPLN= | 4.3030 | 4.2950 | -0.19% | +0.96% |
EURRON= | Romanian leu | EURRON= | 4.9765 | 4.9770 | +0.01% | -0.04% |
EURRSD= | Serbian dinar | EURRSD= | 116.9300 | 117.0200 | +0.08% | +0.27% |
Note: daily change | calculated from | 1800 CET | ||||
Latest | Previous | Daily | Change | |||
close | change | in 2024 | ||||
.PX | Prague | .PX | 1541.42 | 1503.4500 | +2.53% | +9.01% |
.BUX | Budapest | .BUX | 71268.30 | 70008.90 | +1.80% | +17.57% |
.WIG20 | Warsaw | .WIG20 | 2264.00 | 2266.27 | -0.10% | -3.37% |
.BETI | Bucharest | .BETI | 17992.21 | 17757.68 | +1.32% | +17.05% |
Spread | Daily | |||||
vs Bund | change in | |||||
Czech Republic | spread | |||||
CZ2YT=RR | 2-year | CZ2YT=RR | 3.4340 | 0.0410 | +106bps | +0bps |
CZ5YT=RR | 5-year | CZ5YT=RR | 3.4420 | 0.0300 | +134bps | +1bps |
CZ10YT=RR | 10-year | CZ10YT=RR | 3.6470 | 0.0440 | +145bps | +3bps |
Poland | ||||||
PL2YT=RR | 2-year | PL2YT=RR | 4.6630 | 0.0310 | +229bps | -1bps |
PL5YT=RR | 5-year | PL5YT=RR | 4.9720 | 0.0280 | +287bps | +1bps |
PL10YT=RR | 10-year | PL10YT=RR | 5.1430 | 0.0520 | +295bps | +4bps |
FORWARD RATE AGREEMENTS | ||||||
3x6 | 6x9 | 9x12 | 3M interbank | |||
Czech Rep | CZKFRAPRIBOR= | 3.95 | 3.54 | 3.15 | 4.45 | |
Hungary | HUFFRABUBOR= | 6.29 | 5.85 | 5.61 | 6.53 | |
Poland | PLNFRAWIBOR= | 5.71 | 5.40 | 4.93 | 5.85 | |
Note: FRA quotes | are for ask prices | |||||
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Reporting by Boldizsar Gyori in Budapest, Wlodarczak-Semczuk Anna in Warsaw; Editing by Kevin Liffey
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