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2 个月前
CEE MARKETS-OTP lifts Budapest stocks to record, CEE markets await Fed
2017年6月13日 / 上午9点36分 / 2 个月前

CEE MARKETS-OTP lifts Budapest stocks to record, CEE markets await Fed

    * CEE assets rangebound ahead of Fed meeting, Polish holiday
    * JP Morgan lifts OTP target price, Budapest stocks at
record high
    * Investors continue to shrug off domestic politics
    * Czech central bank urges powers to tame home loan frenzy

    By Sandor Peto
    BUDAPEST, June 13 (Reuters) - Budapest's main stock index
 rose to a record high on Tuesday, boosted by a rise of
OTP Bank shares after JP Morgan lifted its target
price for the stock.
    OTP firmed by over 1.5 percent to a four-month high of 9,095
forints ($33.22), after JP Morgan changed its target to 12,000
forints from 9,860 forints.
    "The last time we saw similar value (from JP Morgan) was in
2007," Erste analysts said in a note.     
    Central European markets were generally idle as investors
awaited key signals about global interest rate trends from the
Federal Reserve's meeting on Wednesday.
    The week will be also short for many investors in Poland,
the region's biggest economy, which will have a national holiday
on Thursday.
    "The tone of the Fed's comments will be key... while it is
summer and that also keeps a lid on activity," said Zoltan
Varga, analyst of Equilor brokerage.
    Regional currencies were mixed, with the zloty and
the forint firming 0.1 percent against the euro,
staying well within the past few weeks' narrow ranges.
    The leu eased a shade.
    Investors were not worried over inflation after a jump in
Hungary's annual farm producer price index to 4.1 percent in
April from 1.4 percent in March and continuing double-digit
annual rise in Romanian net wages in April. 
    Romanian data published on Monday showed that annual
inflation remained low at 0.6t percent in May, while concerns
remain that it could jump, along with the budget deficit, by
next year, keeping the leu under pressure.
    While European politics lacked new developments, investors
also shrugged off domestic politics. Local political tension
usually affects asset prices only when international markets are
also nervous.
    The European Commission is expected to launch legal cases
against the Czechs, Hungary and Poland later on Tuesday for
failing to take in asylum-seekers in a quota scheme.

    In Croatia, foreign minister Davor Ivo Stier resigned on
Monday, following the formation of a new coalition including the
conservatives and the liberals. The dinar traded
mildly firmer against the euro on Tuesday.
    The Czech central bank said it was doubling the amount 
banks must put aside as a precaution for hard times as of July
next year because of rapid credit growth.
    Its governor, Jiri Rusnok also pushed lawmakers to give the
bank more powers to tame the growing home loan market.

    Bank stocks listed in Prague were mixed. The crown
was steady against the euro, off last Friday's the
3-and-1/2-year highs.
    
                CEE MARKETS  SNAPSH   AT  1042 CET         
                             OT                      
                             CURRENCIES                    
                             Latest  Previo  Daily   Change
                                     us              
                             bid     close   change  in
                                                     2017
 Czech crown                 26.210  26.203  -0.02%   3.04%
                                  0       5          
 Hungary                     307.15  307.53   +0.12   0.54%
 forint                          00      00       %  
 Polish zloty                4.1925  4.1964   +0.09   5.04%
                                                  %  
 Romanian leu                4.5644  4.5623  -0.05%  -0.64%
 Croatian kuna               7.4050  7.4095   +0.06   2.03%
                                                  %  
 Serbian dinar               122.27  122.40   +0.11   0.88%
                                 00      00       %  
 Note: daily    calculated   previo  close   1800          
 change         from         us      at      CET     
                             STOCKS                        
                             Latest  Previo  Daily   Change
                                     us              
                                     close   change  in
                                                     2017
 Prague                      1003.7  1004.4  -0.07%   +8.91
                                  6       6               %
 Budapest                    35425.  35334.   +0.26   +10.6
                                 59      48       %      9%
 Warsaw                      2290.3  2295.0  -0.20%   +17.5
                                  4       1              8%
 Bucharest                   8446.3  8451.2  -0.06%   +19.2
                                  5       0              1%
 Ljubljana                   790.94  797.45  -0.82%   +10.2
                                                         2%
 Zagreb                      1847.3  1841.1   +0.34  -7.40%
                                  1       0       %  
 Belgrade                    715.82  723.54  -1.07%  -0.22%
 Sofia                       682.59  681.39   +0.18   +16.4
                                                  %      0%
                             BONDS                         
                             Yield   Yield   Spread  Daily
                             (bid)   change  vs      change
                                             Bund    in
 Czech                                               spread
 Republic                                            
   2-year                    -0.086   0.024   +063b   +2bps
                                                 ps  
   5-year                    -0.051   0.052   +038b   +4bps
                                                 ps  
   10-year                    0.818   0.011   +055b   +0bps
                                                 ps  
 Poland                                                    
   2-year                     1.885       0   +260b   -1bps
                                                 ps  
   5-year                      2.59       0   +303b   -1bps
                                                 ps  
   10-year                    3.162   0.039   +289b   +3bps
                                                 ps  
                FORWARD      RATE    AGREEMENT             
                             3x6     6x9     9x12    3M
                                                     interb
                                                     ank
 Czech Rep              <PR    0.35    0.43    0.52       0
                IBOR=>                               
 Hungary                <BU    0.19    0.23    0.29    0.15
                BOR=>                                
 Poland                 <WI   1.754   1.769   1.796    1.73
                BOR=>                                
 Note: FRA      are for ask                                
 quotes         prices                               
 

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