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CEE MARKETS-Romanian stocks plunge on tax change hurting banks
2017年8月31日 / 上午9点48分 / 3 个月前

CEE MARKETS-Romanian stocks plunge on tax change hurting banks

    * Bucharest stocks at 7-week low, Banca Transilvania falls
4.4 pct
    * Tax change, unfriendly government rhetoric hits Bucharest
banks
    * Zloty eases ahead of key flash CPI data
    * Crown gives up gain posted on hawkish rate setter comments

    By Sandor Peto and Luiza Ilie
    BUDAPEST/BUCHAREST, Aug 31 (Reuters) - Banks led Romanian
stocks lower on Thursday after the government introduced rules
which could lift their corporate tax burden and speculation over
other measures that could be brought it.
    While Central European stocks were mostly rangebound,
Bucharest's main index fell 1.9 percent by 0856 GMT,
setting 7-week lows.    
    Banca Transilvania shares fell 4.4 percent to
two-month lows, continuing to drift off record high levels
reached early this month around the publication of strong
first-half results.
    On Wednesday, the government changed the rules for corporate
profit tax, by imposing a cap of 30 percent for deductions on
divested debt.
    Analysts have said the change will likely hurt banks, which
have massively sold non-performing loans in recent years at a
fraction of their original value. 
    Also there was speculation that the government, which is
struggling to keep the budget deficit under 3 percent of GDP,
may want to impose a small tax on banks' assets.
    Last week the central bank defended the banking system,
saying it was liquid and solvent, after Prime Minister Mihai
Tudose said the government may release a list of banks that had
not reported profits.
    Such burdens on banks were also increased in Hungary from
2010 onwards and in Poland last year, including higher taxes and
schemes to help troubled borrowers.
    But tensions between those governments and banks have eased
by now, and the region's banking systems are gettig rid of the
problematic assets accumulated in the 2008-2009 global crisis.
    Regional economies are continuing to power ahead, partly
helped by surging wages as employers fight an exodus of workers
into richer Western European countries.
    Poland published a breakdown of its 3.9 percent
second-quarter annual economic growth on Thursday.
    Comsumption, surging 4.3 percent, could slow later this
year. But investments, another key component of economic output,
could keep annual growth near a strong 4 percent, Bank
Millennium economist Urszula Krynska said.
    The zloty eased 0.1 percent to 4.2615 against the
euro ahead of flash August Polish inflation data, due at 1200
GMT, which can provide clues about price trends in the entire
region.
    The Czech central bank became the first European Union
central bank early this month to lift rates since 2012, to react
to a rise in inflation to above its target.
    Hawkish comments from two Czech central bankers lifted the 
crown to two-week highs of 26.02 on Wednesday, but the
currency slid back to 26.098 on Thursday, down 0.2 percent.
    A weaker currency lifts the prices of imported goods, thus
increasing the odds of a new central bank rate hike.    
     
               CEE MARKETS  SNAPSH   AT  1056 CET         
                            OT                      
                            CURRENCIES                    
                            Latest  Previo  Daily   Change
                                    us              
                            bid     close   change  in
                                                    2017
 Czech crown                26.098  26.053  -0.17%   3.48%
                                 0       5          
 Hungary                    306.11  305.78  -0.11%   0.89%
 forint                         00      00          
 Polish zloty               4.2615  4.2558  -0.13%   3.34%
 Romanian leu               4.5920  4.5928   +0.02  -1.24%
                                                 %  
 Croatian                   7.4160  7.4125  -0.05%   1.88%
 kuna                                               
 Serbian                    119.10  119.10   +0.00   3.57%
 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                     1030.7  1028.8   +0.18   +11.8
                                 1       7       %      4%
 Budapest                   37949.  37903.   +0.12   +18.5
                                87      88       %      8%
 Warsaw                     2519.6  2524.5  -0.19%   +29.3
                                 9       7              5%
 Bucharest                  8072.8  8226.6  -1.87%   +13.9
                                 3       0              4%
 Ljubljana                  816.52  818.09  -0.19%   +13.7
                                                        9%
 Zagreb                     1887.7  1888.7  -0.05%  -5.37%
                                 8       1          
 Belgrade                   725.98  726.24  -0.04%   +1.20
                                                         %
 Sofia                      705.73  706.54  -0.11%   +20.3
                                                        4%
                            BONDS                         
                            Yield   Yield   Spread  Daily
                            (bid)   change  vs      change
                                            Bund    in
 Czech                                              spread
 Republic                                           
   2-year                    -0.08   0.138   +068b   +15bp
                                                ps       s
   5-year                    0.043   0.002   +038b   +0bps
                                                ps  
   10-year                   0.917   0.033   +055b   +3bps
                                                ps  
 Poland                                                   
   2-year                    1.712  -0.032   +247b   -2bps
                                                ps  
   5-year                    2.631  -0.007   +296b   -1bps
                                                ps  
   10-year                   3.309   0.008   +294b   +0bps
                                                ps  
               FORWARD      RATE    AGREEMENT             
                            3x6     6x9     9x12    3M
                                                    interb
                                                    ank
 Czech Rep             <PR    0.62    0.74    0.83       0
               IBOR=>                               
 Hungary               <BU    0.21    0.21    0.26       0
               BOR=>                                
 Poland                <WI   1.763    1.79   1.821    1.73
               BOR=>                                
 Note: FRA     are for ask                                
 quotes        prices                               
 

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