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EMERGING MARKETS-Cautious Fed, weaker dollar lift emerging stocks, FX
2017年5月25日 / 上午9点25分 / 2 个月前

EMERGING MARKETS-Cautious Fed, weaker dollar lift emerging stocks, FX

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LONDON, May 25 (Reuters) - A dovish Fed and a dollar retreat boosted emerging markets on Thursday, with stocks approaching two-year highs and the yuan scaling a two-month peak a day after a credit ratings downgrade.

The dollar and Treasury yields were driven down by minutes from the Fed's last meeting, which showed policymakers agreed on holding off on raising interest rates until it became clear that a recent U.S. economic slowdown was temporary.

A rate rise is still expected in June but markets now appear more relaxed about successive rate rises, lifting MSCI's emerging equity index 1 percent to one-week highs after robust gains in Asia.

"The mood in emerging markets seems to be positive and is taking its cue from the Fed minutes last night," said William Jackson, senior EM economist at Capital Economics.

"We got some more details on the plans to normalise balance sheets (from the Fed), and that suggested that it might be more gradual than anticipated."

Most emerging currencies also firmed, with the yuan up 0.2 percent to its strongest level since end-March after Chinese state-owned banks sold dollars, traders said, in what was seen as a show of strength by authorities after Moody's cut the country's rating a notch on Wednesday.

The downgrade did not seem to have dented appetite for Chinese risk, with state-run ChemChina taking $5 billion in orders for its $600 million bond, which was placed with a yield 30 basis points tighter than initial guidance.

"The downgrade did not reveal much that investors did not know, they have a large pile of debt ... Any effect of the downgrade would very likely be only temporary," said Jackson.

Russia's rouble strengthened 0.5 percent, touching a fresh one-month high despite oil prices softening ahead of an OPEC meeting that is expected to extend production cuts into 2018 in an attempt to tackle a global glut that has depressed markets for almost three years.

South Africa's rand extended gains to flirt with a two-month high ahead of a central bank rate decision later in the day. The bank, which kept rates on hold the whole of 2016, is expected to stay put again, though it says it has reached the end of a tightening cycle that began in 2014.

For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5

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 1013.42 +8.39 +0.83 +17.53

Czech Rep 1013.70 +2.97 +0.29 +9.99

Poland 2346.50 +21.51 +0.93 +20.46

Hungary 34128.16 -123.05 -0.36 +6.64

Romania 8576.69 +27.63 +0.32 +21.05

Greece 759.43 -6.60 -0.86 +17.99

Russia 1093.44 +5.85 +0.54 -5.11

South Africa 47710.28 -111.84 -0.23 +8.67

Turkey 97710.07 -603.70 -0.61 +25.05

China 3107.87 +43.80 +1.43 +0.14

India 30622.49 +320.85 +1.06 +15.01

Currencies Latest Prev Local Local

close currency currency

% change % change

in 2017

Czech Rep 26.43 26.45 +0.08 +2.18

Poland 4.18 4.18 -0.06 +5.38

Hungary 307.97 307.59 -0.12 +0.28

Romania 4.55 4.55 +0.01 -0.29

Serbia 122.64 122.62 -0.02 +0.58

Russia 56.14 56.46 +0.58 +9.13

Kazakhstan 310.70 311.33 +0.20 +7.39

Ukraine 26.27 26.26 -0.06 +2.78

South Africa 12.92 12.89 -0.19 +6.31

Kenya 103.20 103.20 +0.00 -0.80

Israel 3.58 3.58 +0.11 +7.62

Turkey 3.56 3.56 +0.01 -0.91

China 6.87 6.89 +0.30 +1.09

India 64.55 64.75 +0.31 +5.26

Brazil 3.28 3.28 +0.07 -0.67

Mexico 18.39 18.44 +0.25 +12.64

Debt Index Strip Spd Chg %Rtn Index

Sov'gn Debt EMBIG 320 1 .08 7 85.91 1

All data taken from Reuters at 08:57 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. (additional reporting by Karin Strohecker; Editing by Gareth Jones)

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