Stocks, FX cautious as commodity slump and Fed jitters weigh
Updates prices at 0910 GMT
Commodities fall on China demand worries
Czech, Hungary economic growth data disappoints
Ethiopia's international bond rises after IMF deal
By Lisa Pauline Mattackal
July 30 (Reuters) -Emerging market stocks slipped while a gauge of currencies edged higher as investors awaited the outcome of key central bank meetings, while a slump in commodity prices on worries about demand in China kept sentiment cautious.
MSCI's index tracking emerging market equities .MSCIEF fell 0.3%, as rate decisions from the Bank of Japan and the U.S. Federal Reserve were awaited on Wednesday. The index is on track to fall by about 1% in July as a rout in U.S. tech stocks weighed on global stocks.
A currencies gauge .MIEM00000CUS edged up about 0.1% against a largely unchanged U.S. dollar. =USD
Worries about demand from China, the world's second-largest economy, also weighed after the country's Politburo meeting. While pledging to support the economy, there were no specific new stimulus efforts announced.
"Most investors are waiting for central bank movements, with many trimming holdings, and as optimism wanes over China's government stimulus plans," said Ahmed Azzam, regional financial market analyst at Equiti Group.
Oil prices LCOc1 briefly touched their lowest since early June, and were last about flat on the day, while prices of iron ore, copper and other metals fell. O/R
The Federal Reserve is widely expected to keep rates on hold at its meeting on Wednesday, but investors will watch for a dovish tone from policymakers to gauge whether market bets on a September rate cut are on the right track.
Looser U.S. monetary policy would be a boon for riskier emerging market assets, brightening their relative appeal.
China's blue-chip stocks and Hong Kong shares fell for a second straight day.
In Europe, the Czech crown EURCZK= was about flat and the Hungarian forint EURHUF= weakened 0.3% against the euro after weak economic data.
Weak foreign demand weighed on industry in both central European economies, with Hungary's gross domestic product falling 0.2% on a quarterly basis, the first contraction since the first quarter of 2023. Versus the euro, the forint fell to a three-week low.
Meanwhile, in the Czech Republic, increasing domestic demand helped buoy the economy but both quarterly and annual growth figures were a touch below forecasts from analysts polled by Reuters.
The Czech central bank is expected to ease policy by 25 basis points at its meeting later this week.
"The Czech koruna remains our favourite currency for this week given our hawkish expectations from the CNB meeting," analysts at ING said in a note.
Meanwhile, Ethiopia's only international sovereign bond jumped to its highest level since 2021 after the country secured a long-awaited support programme with the International Monetary Fund for $3.4 billion in financing.
The $1 billion dollar bond XS1151974877=TE, which is in the process of being restructured, rose more than 2 cents on the dollar to 77.7 cents, Tradeweb data showed.
South Africa's rand ZAR= regained ground against the dollar, strengthening about 0.7% to 18.32 versus the greenback after falling in the previous session.
HIGHLIGHTS:
** Foreign investors unhappy after India restores curbs on some bond purchases
** S&P cuts Bangladesh's debt rating to 'B+' from 'BB'
** Bank of Korea board split on rate cut timing amid hot housing market, minutes show
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 Holmes
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