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CEE MARKETS-Zloty firms after minor rise in central bank's CPI forecasts
2017年11月8日 / 下午5点11分 / 15 天前

CEE MARKETS-Zloty firms after minor rise in central bank's CPI forecasts

    * Polish central bank keeps rates on hold
    * Zloty keeps gains after rise in CPI, GDP forecasts

 (Recasts with Polish central bank decision and comments)
    By Sandor Peto
    BUDAPEST, Nov 8 (Reuters) - The zloty held onto its gains
against the euro on Wednesday, outperforming Central European
peers, after the Polish central bank revised its economic output
and inflation forecasts mildly upwards.
    The bank kept is main interest rate on hold as expected.
    Governor Adam Glapinski reiterated at a news conference that
interest rates should remain unchanged until the end of next
year, and said a recent firming of the zloty meant monetary
conditions had tightened.
    The zloty has gained more than 2 percent since
late September, and has 4 percent this year, outperforming
regional peers apart from the Czech crown.
    On Wednesday it firmed 0.2 percent by 1624 GMT, to 4.2365.
    "At this point, the inflation rate is not expected to
overshoot the target, yet the inflationary pressure is likely to
gradually build throughout 1H18 (the first half of 2018)," Erste
analyst Katarzyna Rzentarzewska said in a note.
    She said she expected the bank's first rate hike to come in
the last quarter of 2018, "yet the risks for monetary tightening
to begin sooner have increased".
    The Czech central bank is the only one in Central Europe to
have increased interest rates due to a rise in inflation in the
past year.
    The bank delivered its second hike since August last week,
but its less-hawkish-than-expected guidance has pushed back the
crown from 4-year highs.
    On Wednesday it eased 0.1 percent against the euro, in
tandem with the Hungarian forint.
    Expectations for interest rate rises have also helped bank
stocks listed in Warsaw.
    Their index and the bourse's bluechip index
steadied, after hitting multi-year highs on Tuesday.
    The index <.WIG2)> fell almost one percent.
    It was knocked mainly by a more than 5 percent plunge in the
shares of Poland's biggest power producer PGE after
Chief Financial Officer Emil Wojtowicz said it was too early to
resume paying dividends.    
               CEE MARKETS  SNAPSH   AT  1724 CET         
                            OT                      
                            CURRENCIES                    
                            Latest  Previo  Daily   Change
                                    us              
                            bid     close   change  in
                                                    2017
 Czech crown                25.592  25.561  -0.12%   5.53%
                                 0       0          
 Hungary                    311.94  311.58  -0.12%  -1.00%
 forint                         00      00          
 Polish zloty               4.2365  4.2457   +0.22   3.95%
                                                 %  
 Romanian leu               4.6304  4.6316   +0.03  -2.06%
                                                 %  
 Croatian                   7.5400  7.5410   +0.01   0.20%
 kuna                                            %  
 Serbian                    118.85  118.76  -0.08%   3.79%
 dinar                          00      00          
 Note: daily   calculated   previo  close   1800          
 change        from         us      at      CET     
                            STOCKS                        
                            Latest  Previo  Daily   Change
                                    us              
                                    close   change  in
                                                    2017
 Prague                     1054.0  1055.7  -0.16%   +14.3
                                 7       3              7%
 Budapest                   40122.  39809.   +0.79   +25.3
                                07      00       %      7%
 Warsaw                     2513.3  2536.3  -0.91%   +29.0
                                 4       7              3%
 Bucharest                  7777.2  7747.6   +0.38   +9.77
                                 7       9       %       %
 Ljubljana                  792.07  784.85   +0.92   +10.3
                                                 %      8%
 Zagreb                     1839.3  1816.5   +1.26  -7.79%
                                 9       7       %  
 Belgrade                   730.57  729.68   +0.12   +1.84
                                                 %       %
 Sofia                      672.49  674.34  -0.27%   +14.6
                                                        8%
                            BONDS                         
                            Yield   Yield   Spread  Daily
                            (bid)   change  vs      change
                                            Bund    in
 Czech                                              spread
 Republic                                           
   2-year                    0.321   0.023   +108b   +2bps
                                                ps  
   5-year                    0.738   0.037   +112b   +4bps
                                                ps  
   10-year                   1.591  -0.007   +127b   -1bps
                                                ps  
 Poland                                                   
   2-year                    1.605  -0.014   +237b   -2bps
                                                ps  
   5-year                    2.629  -0.008   +301b   -1bps
                                                ps  
   10-year                   3.399  -0.015   +307b   -1bps
                                                ps  
               FORWARD      RATE    AGREEMENT             
                            3x6     6x9     9x12    3M
                                                    interb
                                                    ank
 Czech Rep             <PR    0.91    1.04    1.17       0
               IBOR=>                               
 Hungary               <BU    0.03    0.08   0.115    0.03
               BOR=>                                
 Poland                <WI   1.763   1.801   1.894    1.73
               BOR=>                                
 Note: FRA     are for ask                                
 quotes        prices                               
 

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