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CEE MARKETS-Warsaw leads stocks lower; currencies, bond markets ignore dovish ECB
2017年5月30日 / 上午10点17分 / 6 个月前

CEE MARKETS-Warsaw leads stocks lower; currencies, bond markets ignore dovish ECB

    * Stocks mostly drop on corporate news, EU sentiment
    * Warsaw's PZU leads equities decline
    * Currencies, bonds shrug off Draghi's dovish comments

    By Sandor Peto
    BUDAPEST, May 30 (Reuters) - Warsaw lead a retreat of
Central European shares as investors, underwhelmed by dividend
payments and takeover offers announced by some companies on
Tuesday, booked profits from multi-year highs of recent weeks.
    Worries over the vote in Italy weighed on investor sentiment
across Europe, though its main impact was on bank shares in the
European Union.
    Central Europe's main equities indices reached multi-year
highs earlier this month, helped by reports of good
first-quarter earnings and dividend payments.
    Bucharest retained its momentum and again set a new
nine-year high on Tuesday, but  Warsaw shed 1 percent,
Prague 0.6 percent and Budapest 0.4 percent by 0848
GMT.
    The decline in Warsaw was led by PZU, the biggest
Polish insurer, whose stocks fell by about 3 percent after it
said it would pay a dividend of 1.4 zlotys ($0.3740) per share.
    PZU shares hit two-year highs hit last week.    
    "The market seems to be disappointed by the amount of
dividend," said Jaroslaw Janusz, broker at Nobel Securities. 
    An announcement by Polish pensions fund Aviva OFE that it
had reduced its stake in PZU to below 5 percent may also be
driving shares lower, Janusz said.
    Polish state-run energy firm PGNiG also shed 3
percent after surging last week due to good first-quarter
results. 
    Elsewhere, the shares of Hungarian mortgage lender FHB
 fell 2.8 percent after an offer from Takarekbank to
buy out shares at 533 forints ($1.93) each.
    Czech oil group Unipetrol shares, trading
ex-dividend, fell 2.5 percent.
    Regional currency and government bond markets were mixed and
directionless, shrugging off comments from European Central Bank
head Mario Draghi that the euro zone still needs substantial
stimulus given that growth is improving but inflation remains
subdued.
    In past years such dovish comments would often have lifted
government bonds. 
    However, in Hungary the central bank's loose policies have
already pushed yields to very low levels, with the short end of
the curve trading near record lows, traders said.
    "The Draghi comments were not a game changer," one said.
"They (the ECB) often talk more than they act." 
    The forint and the kuna eased a shade
against the euro, even though Hungary reported a surge in
first-quarter investments, while Croatia's industrial output
fell 0.6 percent in annual terms in April.
 
     
                CEE MARKETS  SNAPSH   AT  1048 CET         
                             OT                      
                             CURRENCIES                    
                             Latest  Previo  Daily   Change
                                     us              
                             bid     close   change  in
                                                     2017
 Czech crown                 26.517  26.500  -0.06%   1.85%
                                  0       0          
 Hungary                     308.20  308.00  -0.06%   0.20%
 forint                          00      50          
 Polish zloty                4.1825  4.1841   +0.04   5.29%
                                                  %  
 Romanian leu                4.5650  4.5658   +0.02  -0.66%
                                                  %  
 Croatian kuna               7.4210  7.4145  -0.09%   1.81%
 Serbian dinar               122.54  122.67   +0.11   0.66%
                                 00      00       %  
 Note: daily    calculated   previo  close   1800          
 change         from         us      at      CET     
                             STOCKS                        
                             Latest  Previo  Daily   Change
                                     us              
                                     close   change  in
                                                     2017
 Prague                      1006.7  1012.9  -0.61%   +9.24
                                  3       0               %
 Budapest                    33997.  34138.  -0.41%   +6.23
                                 37      11               %
 Warsaw                      2300.7  2323.5  -0.98%   +18.1
                                  3       8              1%
 Bucharest                   8719.2  8673.5   +0.53   +23.0
                                  2       0       %      7%
 Ljubljana                   780.49  785.95  -0.69%   +8.77
                                                          %
 Zagreb                      1856.6  1853.4   +0.18  -6.93%
                                  9       2       %  
 Belgrade                    718.95  717.64   +0.18   +0.22
                                                  %       %
 Sofia                       652.49  655.51  -0.46%   +11.2
                                                         6%
                             BONDS                         
                             Yield   Yield   Spread  Daily
                             (bid)   change  vs      change
                                             Bund    in
 Czech                                               spread
 Republic                                            
   2-year                    -0.094   0.089   +061b   +8bps
                                                 ps  
   5-year                    -0.071  -0.008   +036b   -2bps
                                                 ps  
   10-year                    0.749   -0.01   +044b   -2bps
                                                 ps  
 Poland                                                    
   2-year                     1.922  -0.092   +263b  -10bps
                                                 ps  
   5-year                     2.704   0.009   +313b   +0bps
                                                 ps  
   10-year                     3.28   0.007   +297b   +0bps
                                                 ps  
                FORWARD      RATE    AGREEMENT             
                             3x6     6x9     9x12    3M
                                                     interb
                                                     ank
 Czech Rep              <PR    0.36    0.42    0.49       0
                IBOR=>                               
 Hungary                <BU    0.19    0.23    0.29    0.15
                BOR=>                                
 Poland                 <WI   1.752    1.78   1.807    1.73
                BOR=>                                
 Note: FRA      are for ask                                
 quotes         prices                               
 

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