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UPDATE 1-CEE MARKETS-Polish stocks up after EU court's mortgage ruling, FX firms

 (Adds EU court ruling, releads)
    By Radu-Sorin Marinas
    BUCHAREST, April 29 (Reuters) - Polish stocks led regional
gains on Thursday after a European court ruling on
foreign-currency mortgages perceived as benign by investors,
while central European currencies firmed on a U.S. dollar
decline on world markets.
    By 1120 GMT, Warsaw's blue chip index rose as high
as 2,081.94, about 2.2% up on the day, and the banks index
 went up 5.2% to a 14-month high of 6.007.
    "Today's judgment of the CJEU (Court of Justice of the
European Union) was perceived as positive, as it clearly does
not exacerbate the problem of Swiss franc loans for banks," said
Maciej Marcinowski, an analyst at Trigon.
    Mortgages taken out in Swiss francs are a major risk factor
for Polish banks. The CJEU ruling kicks off a crucial fortnight
that may decide how courts treat such cases and whether banks
decide to sign up to a plan for out-of-court settlements.

    Thousands of Polish borrowers took out franc loans more than
a decade ago to take advantage of low Swiss interest rates but
were then hit by ballooning repayments when the zloty weakened
sharply against the Swiss currency.
    In the foreign exchange market, Hungary's forint
extended the previous day's gains to add 0.58% at 360.07 per
euro, outperforming regional peers for the third consecutive
session. The zloty followed, firming 0.43% to 4.5678. 
    Erste Bank said in a note that "as has been broadly
expected", the U.S. Federal Reserve kept monetary policy
unchanged, signalling it was not yet ready to cut support to the
economy.    
    "The U.S. dollar depreciated after the announcement, CEE
currencies benefited," Erste said.
    Hungary's central bank said on Tuesday it was ready to
prevent any sustained rise in Hungarian inflation as the economy
recovers from pandemic-induced shock also continued to support
the currency.
    Elsewhere, the Czech crown was up 0.2% to trade at
25.8640 to the euro and the Romanian leu was up 0.1%
at 4.9235.
           CEE        SNAPSHOT   AT                        
           MARKETS              1125 CET           
                      CURRENCI                             
                      ES                           
                      Latest    Previous  Daily    Change
                      bid       close     change   in 2021
 Czech                 25.8640   25.9100   +0.18%    +1.41%
 crown                                             
 Hungary              360.1000  362.1800   +0.58%    +0.73%
 forint                                            
 Polish                 4.5667    4.5875   +0.46%    -0.16%
 zloty                                             
 Romanian               4.9230    4.9284   +0.11%    -1.18%
 leu                                               
 Croatian               7.5580    7.5600   +0.03%    -0.14%
 kuna                                              
 Serbian              117.5500  117.6250   +0.06%    +0.02%
 dinar                                             
 Note:     calculated from                1800             
 daily                                    CET      
 change Latest    Previous  Daily    Change
                                close     change   in 2021
 Prague                1109.39  1103.710   +0.51%    +8.01%
                                       0           
 Budapest             44015.42  43549.43   +1.07%    +4.53%
 Warsaw                2070.28   2029.64   +2.00%    +4.35%
 Buchares             11466.44  11398.47   +0.60%   +16.94%
 t                                                 
 Ljubljan              1066.31   1057.91   +0.79%   +18.37%
 a                                                 
 Zagreb                1882.34   1886.94   -0.24%    +8.22%
 Belgrade  <.BELEX15    756.02    770.56   -1.89%    +0.99%
           >                                       
 Sofia                  521.95    523.94   -0.38%   +16.63%
                                                           
                      Yield     Yield     Spread   Daily
                      (bid)     change    vs Bund  change
                                                   in
 Czech                                             spread
 Republic                                          
   2-year  <CZ2YT=RR    0.5910   -0.0460   +128bp     -5bps
           >                                    s  
   5-year  <CZ5YT=RR    1.3080   -0.1260   +188bp    -14bps
           >                                    s  
           <CZ10YT=R    1.7370   -0.0090   +195bp     -3bps
 10-year   R>                                   s  
 Poland                                                    
   2-year  <PL2YT=RR    0.1110    0.0110   +080bp     +1bps
           >                                    s  
   5-year  <PL5YT=RR    0.8480    0.0150   +142bp     +1bps
           >                                    s  
           <PL10YT=R    1.6300    0.0380   +184bp     +2bps
 10-year   R>                                   s  
           FORWARD                                         
                      3x6       6x9       9x12     3M
                                                   interban
                                                   k
 Czech             <      0.43      0.65     0.98      0.36
 Rep       PRIBOR=>                                
 Hungary           <      0.97      1.14     1.31      0.79
           BUBOR=>                                 
 Poland            <      0.25      0.29     0.40      0.21
           WIBOR=>                                 
 Note:     are for ask prices                              
 FRA                                               
 quotes                                            
 ************************************************          
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 (Additional reporting by Anita Komuves in Budapest, Jason Hovet
in Prague, Anna Wlodarczak Semczuk and Alan Charlish in Warsaw;
Editing by Krishna Chandra Eluri and Mark Heinrich)
  
 
 
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