Stocks rise for fifth straight day; FX struggles

By Susan Mathew

Oct 6 (Reuters) - Emerging market shares extended gains to a fifth straight session on Thursday, while central and eastern European currencies eased amid central bank-related disappointments and energy concerns.

A wobbly dollar helped Asian shares gain, and optimism trickled outside the region too. Turkish .XU100 , South African .JTOPI and Polish shares .WIG rose more than 1% each.

MSCI's index of emerging market shares added 0.3%, having risen more than 4% in a week. But the index is still down 26% for the year.

Emerging market stocks and currencies have slumped nearly 8% so far in 2022 as aggressive central bank tightening to tame surging inflation raised worries about a recession, spurring a flight to safe-haven U.S. dollar and lifting Treasury yields.

Arthur Budaghyan, chief EM strategist at BCA Research, who has been underweight EM over the last 12 years, holds a more positive view.

"We are in the very late stages of that underweight call," he said. "We will soon be moving into a regime where the EM versus developed markets relative stock price trajectory shifts from a bear market into a broad trading range."

But, the dollar attempted to regain momentum ahead of Friday's U.S. labour data, trimming gains on other currencies. .MIEM00000CUS .

Central bank intervention via U.S. dollar sales won't strengthen emerging market currencies, a Reuters poll showed, and nothing could be done to power emerging market currencies over the coming six months, some strategists said.

South Africa's rand ZAR= tripped 0.3%, to extend losses to a second session after the central bank warned that power outages will shave about one percentage point from economic growth in Africa's most industrialized nation.

Turkey's lira TRY= , down 28% this year, rose 0.8%.

In central and eastern Europe, Hungary's forint EURHUF= dropped 0.5% to 423.16 against the euro after data showed retail sales slowed in August.

The currency has lost close to 13% this year amid energy supply worries due to the Russia-Ukraine war, and surging prices. While it should rebound from record lows hit in September on hopes for European Union funds, it is likely to struggle over the next year to break past the psychological 400 per euro level, a Reuters poll found.

The Polish zloty EURPLN= fell 0.5% on track for its biggest drop in a week, and extending losses after the central bank on Wednesday held the key interest rate steady against expectations of a 25 basis points hike, as it warned of an economic slowdown in the coming months. For GRAPHIC on emerging market FX performance in 2022, see Link For GRAPHIC on MSCI emerging index performance in 2022, see Link

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see
Reporting by Susan Mathew in Bengaluru; editing by Uttaresh.V

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。


本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。