Forint weakens, bond yields rise on concern over EU funds



By Anita Komuves

BUDAPEST, Sept 14 (Reuters) - The Hungarian forint eased on Wednesday, underperforming peers, while long-term government bond yields jumped after media reported that the European Commission could propose that financial sanctions be imposed on Hungary.

The forint EURHUF= weakened 0.61% to 401.30 per euro after daily Nepszava reported late on Tuesday that the Commission could propose financial penalties against Hungary later this week for shortcomings on monitoring the possible misuse of European Union funds.

"The market is stabilising now after the initial panic as investors realise that this is not yet the final word on the EU funds... when we hear something definitive, that will decide the fate of the currency," an FX trader in Budapest said.

The forint, central Europe's worst performer so far this year, has been pressured by a lack of agreement over European Union funds as the government is in a long-running dispute with the Commission on rule of law issues.

Long-term government bond yields jumped about 30 basis points on Wednesday on the report about the possible financial penalties, two fixed-income traders said.

"Higher-than-expected U.S. inflation and a rise in core yields was already pressuring both yields and the forint yesterday, but the report on EU funds really turned the sentiment around," one trader said.

The yield on the 10-year bond was about 9.2%, climbing back near a 10-year high it touched on Friday.

Data showed on Tuesday that U.S. consumer prices rose more than expected in August, giving the Fed ammunition to deliver a third 75-basis-point interest rate hike next Wednesday, which put pressure on European shares and emerging currencies.

The Czech crown EURCZK= was flat while the Romanian leu EURRON= eased 0.11% to 4.9245 per euro. The Polish zloty EURPLN= added 0.11% to 4.7200 per euro.

Most central European shares weakened, tracking European peers, with Budapest .BUX leading losses as it was down 1.06%. Prague .PX slid 0.35% and Bucharest .BETI was 0.37% lower. Warsaw .WIG20 bucked the trend and added 0.61%.

CEE

SNAPSH AT

MARKETS OT

1111

CET

CURREN

CIES

Latest Previo Daily Change

us

bid

close change in

2022 EURCZK Czech

<EURCZK 24.535 24.535 +0.00 +1.37 =

crown

=>

0

0

%

% EURHUF Hungary <EURHUF 401.30 398.85 -0.61% -7.95% =

forint =>

00

00

EURPLN Polish <EURPLN 4.7200 4.7250 +0.11 -2.73% =

zloty

=>

% EURRON Romania <EURRON 4.9245 4.9190 -0.11% +0.48 =

n leu

=>

% EURHRK Croatia <EURHRK 7.5165 7.5234 +0.09 +0.01 =

n kuna =>

%

% EURRSD Serbian <EURRSD 117.26 117.32 +0.05 +0.27 =

dinar

=>

00

00

%

%

Note:

calculated from

1800

daily

CET

change

Latest Previo Daily Change

us

close change in

2022 .PX

Prague

.PX

1236.7 1241.1 -0.35%

4

100

.BUX

Budapes .BUX

41135. 41575. -1.06% -18.90

t

34

55

% .WIG20 Warsaw <.WIG20 1528.6 1519.3 +0.61 -32.57

>

4

5

%

% .BETI Buchare .BETI 11880. 11924. -0.37% -9.04%

st

32

88

.SBITO Ljublja <.SBITO 1081.1 1086.5 -0.49% -13.88 P

na

P>

6

1

% .CRBEX Zagreb <.CRBEX 1991.8 1992.2 -0.02% -4.21%

>

4

0

.BELEX Belgrad <.BELEX 835.14 847.71 -1.48% +1.75 15

e

15>

% .SOFIX Sofia

<.SOFIX 611.19 613.73 -0.41% -3.85%

>

Yield Yield Spread Daily

(bid) change vs

change

Bund

in

Czech

spread

Republi

c

CZ2YT=

<CZ2YT= 5.8380 -0.223 +445b -23bps RR

2-year RR>

0

ps CZ5YT=

<CZ5YT= 4.8290 -0.134 +324b -14bps RR

5-year RR>

0

ps CZ10YT

<CZ10YT 4.5010 -0.049 +278b -5bps =RR

10-year =RR>

0

ps

Poland

PL2YT=

<PL2YT= 6.4320 0.0890 +504b +8bps RR

2-year RR>

ps PL5YT=

<PL5YT= 6.3020 0.0460 +472b +4bps RR

5-year RR>

ps PL10YT

<PL10YT 5.9070 0.0540 +418b +5bps =RR

10-year =RR>

ps

FORWARD

3x6

6x9

9x12

3M

interb

ank

Czech

<CZKFRA

7.22

7.08

6.68

7.25

Rep

><PRIBO

R=>

Hungary <HUFFRA 14.03 14.24 13.90 12.87

><BUBOR

=>

Poland <PLNFRA

7.43

7.46

7.33

7.15

><WIBOR

=>

Note:

are for ask

FRA

prices

quotes

****************************************

**********************


Additional reporting by Pawel Florkiewicz in Warsaw; Editing by Kim Coghill

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