EMERGING MARKETS-China lifts EM stocks to best weekly gains in a month

Пятница, 15 апреля 2016 12:43 MSK
 

By Sujata Rao
    LONDON, April 15 (Reuters) - Emerging stocks on Friday
headed for their best weekly gains in a month, helped by signs
of stabilisation in China's economy, while Hungary outperformed
for a second day, with stocks at new 9-year highs and bond
yields tumbling further.
    Chinese and Hong Kong equity markets slipped after data
showed growth at the slowest since 2009 but investors were also
heartened by other data points which signalled the slowdown in
the world's second biggest economy was bottoming out.
    That helped MSCI's emerging equity index to inch higher,
albeit staying off five-month highs while the dollar's
rise from recent lows kept most emerging currencies flat against
the greenback. 
    "(Growth) was a bit better than what people expected -
unsurprisingly with an acceleration in credit growth, GDP has
ticked up," said Will Ballard, a fund manager at Aviva
Investors. "If you're a man on the street you tend to feel
nominal GDP a bit more than real GDP. That comes through in wage
inflation -- that's broadly positive."
    Investors in markets such as Russia are also focused on
upcoming talks between energy producers to stabilise oil prices
which held around $43 a barrel. The rouble was flat to the
dollar while Moscow-listed stocks retreated 0.6 percent from
eight-year highs. 
    Hungary has been the standout performer in recent days, and
stocks which are at nine-year highs are set for their third
straight week of gains while bond yields slipped by
around 1 basis point across the curve, traders in Budapest said.
    Yields are now below those of investment-grade rated Poland
for the first time since 2002.
    "Hungarian markets are priced for rate cuts while in Poland
expectations of rate cuts have been depressed. The moves do not
reflect ratings as much as policy easing expectations," said
Mikhail Liluashvili, an economist at Credit Suisse.
    In Turkey, the lira weakened 0.4 percent against the dollar
 while stocks slipped half a percentage point,
retreating from the 10-month high hit on Thursday though still
on track for their best weekly gains in a month. 
    Speaking at a news conference in the morning, Finance
Minister Naci Agbal said the budget had produced a 46 million
lira surplus in the first quarter of the year and the growth
trend was strengthening.  
    In South Africa, the rand firmed 0.4 percent against
the dollar and was on track for solid weekly gains of around 3
percent while stocks extended losses for a second day, slipping
by 0.3 percent.
    
    For GRAPHIC on emerging market FX performance 2016, see link.reuters.com/jus35t
    For GRAPHIC on MSCI emerging index performance 2016, see link.reuters.com/weh36s
    For GRAPHIC on MSCI emerging Europe performance 2016, see link.reuters.com/jun28s
    For GRAPHIC on MSCI frontier index performance 2016, see link.reuters.com/zyh97s
    For CENTRAL EUROPE market report, see 
    For TURKISH market report, see 
    For RUSSIAN market report, see )
    
    
     Emerging Markets Prices from Reuters            
 Equities                  Latest    Net Chg  % Chg  % Chg      
     
                                                     on year    
       
 Morgan Stanley               
 Emrg Mkt Indx    846.83    +1.38   +0.16   +6.63     
       
 Czech Rep            899.32    +3.70   +0.41   -5.96     
       
 Poland           1948.56    -3.19   -0.16   +4.81     
       
 Hungary           26967.12   +40.51   +0.15  +12.74     
       
 Romania           6721.30    -5.16   -0.08   -4.04     
       
 Greece              565.00   +16.90   +3.08  -10.51     
       
 Russia             908.04    -6.30   -0.69  +19.95     
       
 South Africa   46389.65  -161.90   -0.35   +1.29     
        
 Turkey          85488.52  -296.43   -0.35  +19.19     
       
 China             3078.45    -3.91   -0.13  -13.02     
       
 India           25626.75  +481.16   +1.91   -1.88     
       
            
 Currencies              Latest    Prev    Local    Local       
      
                                   close   currency currency    
       
                                           % change % change    
       
                                                    in 2016     
      
 Czech Rep      27.02     27.01   -0.04    -0.07      
     
 Poland          4.30      4.30   +0.01    -0.90      
     
 Hungary       310.96    310.87   -0.03    +1.18      
     
 Romania         4.47      4.47   -0.01    +1.09      
     
 Serbia        122.80    122.88   +0.07    -1.08      
     
 Russia            66.09     65.97   -0.19   +10.38      
     
 Kazakhstan       333.18    335.47   +0.69    +2.20      
     
 Ukraine           25.47     25.55   +0.31    -5.96      
     
 South Africa      14.50     14.54   +0.33    +6.65      
     
 Kenya            101.05    101.10   +0.05    +1.14      
     
 Israel             3.78      3.78   +0.05    +2.80      
     
 Turkey             2.86      2.85   -0.35    +2.02      
     
 China              6.48      6.48   +0.04    +0.21      
     
 India             66.54     66.59   +0.07    -0.51      
     
 Brazil             3.47      3.48   +0.35   +14.09      
     
 Mexico            17.44     17.44   +0.01    -1.56      
     
            
 Debt                 Index   Strip Spd  Chg   %Rtn   Index     
       
 Sov'gn Debt  EMBIG   417         1    .01  7 15.52 1   
        

 (Additional reporting by Claire Milhench and Karin Strohecker)