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CEE MARKETS-Currencies, bonds rebound as ECB extends asset buying
2017年10月26日 / 下午2点48分 / 24 天前

CEE MARKETS-Currencies, bonds rebound as ECB extends asset buying

    * ECB cuts asset purchases, but does not sound
hawkish-traders
    * Currencies regain ground, Czech crown hits new 4-year high
    * Hungarian bond auction draws good demand, 10-year yield
drops

 (Recasts with ECB decisions and comments, and their impacts)
    By Sandor Peto and Robert Muller
    BUDAPEST/PRAGUE, Oct 26 (Reuters) - Central European
currencies and government bonds rebounded on Thursday as the
European Central Bank (ECB) reduced in scale but extended in
time its asset-buying scheme in the euro zone.
    The programme has indirectly helped currencies and
government bonds in the European Union's eastern members, too.
    The ECB said it would extend the purchases beyond December
by nine months but cut the monthly amount it buys from 60
billion euros to 30 billion euros.
    Analysts' consensus forecast had been a cut to 40 billion
euros. Central European currencies and bonds eased ahead of the
meeting due to fears of a shift towards hawkish policies.
    The cut was deeper than expected but the comments from ECB
chief Mario Draghi did not justify the concerns. He said a
substantial degree of monetary accommodation was still needed,
and core inflation was yet to show convincing signs of rising.
    "He kept the back door open. His comments were not very
hawkish," one Budapest-based currency dealer said.
    The forint, which has been weakened in past months
by the Hungarian central bank's liquidity-boosting policies,
regained some ground to hold steady on the day at 319.34 against
the euro at 1352 GMT.
    The zloty firmed 0.15 percent to 4.2365.
    At the bond auctions Hungary held on Thursday, 10-year
papers were sold at an average yield of 2.46 percent, down 2
basis points from secondary market levels in early trade.
    The ECB comments helped the yield drop further after the
auction, which drew "good, but not aggressive demand", in the
market to 2.44 percent, tracking a decline in the corresponding
Bund yield, one Budapest-based fixed income trader said.

    Some Czech and Polish bond yields also dropped.
    The Czech crown rebounded and hit a 4-year high at
25.55 versus the euro.
    It has been strengthening since mid-September, supported by
hawkish comments from Czech central bank (CNB) rate setters.
    Recent comments from Vice-Governor Mojmir Hampl and rate
setter Tomas Nidetzky underpinned expectations that the CNB will
continue to increase its interest rates at its meeting on Nov.
2, and will indicate that more tightening will come.

    The crown's strengthening can continue, market participants
said.
    "It seems the CNB is still counting on the overboughtness of
the crown and therefore it won't have to constrain its policy
tightening with regards to the cautious ECB," CSOB analysts said
in a note.
    Equities were mostly rangebound in the region.
    The key exception was Polish refiner Lotos which
gained 6 percent after reporting 63 percent surge in
third-quarter net profit.
    
               CEE MARKETS  SNAPSH   AT  1552 CET         
                            OT                      
                            CURRENCIES                    
                            Latest  Previo  Daily   Change
                                    us              
                            bid     close   change  in
                                                    2017
 Czech crown                25.565  25.620   +0.22   5.64%
                                 0       0       %  
 Hungary                    310.34  310.31  -0.01%  -0.49%
 forint                         00      00          
 Polish zloty               4.2365  4.2427   +0.15   3.95%
                                                 %  
 Romanian leu               4.5985  4.5985   +0.00  -1.38%
                                                 %  
 Croatian                   7.5150  7.5155   +0.01   0.53%
 kuna                                            %  
 Serbian                    119.35  119.57   +0.18   3.35%
 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                     1057.8  1064.1  -0.58%   +14.7
                                 8       0              9%
 Budapest                   39989.  39840.   +0.37   +24.9
                                87      92       %      6%
 Warsaw                     2448.2  2449.8  -0.07%   +25.6
                                 4       9              8%
 Bucharest                  7875.9  7880.7  -0.06%   +11.1
                                 7       0              6%
 Ljubljana                  798.91  804.82  -0.73%   +11.3
                                                        3%
 Zagreb                     1898.3  1883.4   +0.79  -4.84%
                                 6       2       %  
 Belgrade                   728.50  727.55   +0.13   +1.55
                                                 %       %
 Sofia                      655.90  654.37   +0.23   +11.8
                                                 %      5%
                            BONDS                         
                            Yield   Yield   Spread  Daily
                            (bid)   change  vs      change
                                            Bund    in
 Czech                                              spread
 Republic                                           
   2-year                    0.376   0.148   +111b   +17bp
                                                ps       s
   5-year                    0.802  -0.025   +109b   +1bps
                                                ps  
   10-year                   1.643  -0.055   +120b   -2bps
                                                ps  
 Poland                                                   
   2-year                    1.661  -0.024   +239b   +0bps
                                                ps  
   5-year                    2.684  -0.008   +297b   +3bps
                                                ps  
   10-year                   3.443   0.012   +300b   +5bps
                                                ps  
               FORWARD      RATE    AGREEMENT             
                            3x6     6x9     9x12    3M
                                                    interb
                                                    ank
 Czech Rep             <PR    0.89    1.08    1.23       0
               IBOR=>                               
 Hungary               <BU    0.09     0.1    0.14    0.03
               BOR=>                                
 Poland                <WI   1.772   1.828   1.905    1.73
               BOR=>                                
 Note: FRA     are for ask                                
 quotes        prices                               
 

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