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EMERGING MARKETS-Asian shares suffer Apple effect; Fed, oil cap emerging market losses
2016年4月27日 / 上午10点02分 / 2 年前

EMERGING MARKETS-Asian shares suffer Apple effect; Fed, oil cap emerging market losses

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By Sujata Rao

LONDON, April 27 (Reuters) - Asian tech stocks led emerging equity losses on Wednesday, battered by a Wall Street selloff and signs of economic weakness, though firmer oil and expectations of a dovish U.S. Fed kept a lid on losses elsewhere.

MSCI’s emerging equity index was flat after some of its biggest components - China, Taiwan and South Korea - closed in the red, with Hong Kong down 0.4 percent and the latter two ending 0.2 percent lower .

Losses rippled across Apple’s supply chain after the iPhone maker posted its first revenue drop in 13 years and falling sales in China, while signalling a weak second quarter outlook .

Taiwan’s electronics sub-index lost half a percent while Taiwan Semiconductor Manufacturing Co, the world’s top chip maker, shed one percent as did Hai Precision , which assembles iPhones.

The companies are also likely to come under pressure from sluggish growth from home and a slowing U.S. recovery, with Taiwan’s economy seen contracting 0.6 percent in the first quarter when data is released later this week.

However, activity across most other markets was subdued before central bank meetings in Japan and the United States, with investors waiting to see if the U.S. Federal Reserve signals the timing of its next interest rate rise.

Luis Costa, Citi’s head of CEEMEA currency and debt strategy, warned there were worries about the sustainability of the commodity price bounce which has been led by an expansion in Chinese money supply and debt.

“We are heading towards another Yellen evening and I’d be surprised if something more hawkish came from her speech,” he said.

“Given we are in an environment where G3 central banks are putting dovish pressure on markets, our position is for positive EM risk.”

Oil prices rose 2 percent but effects were muted with Riyadh the only Gulf bourse to benefit. The index rose half a percent led by 1.5 percent gains on Saudi Basic Industries .

Russia’s rouble-denominated equity index and the rouble were flat on the day .

Costa said the market remained wary of pushing the rouble higher, given its 30 percent rally in the past three months and before Friday’s central bank meeting. The meeting should leave rates unchanged but could signal easing in coming months.

The Hungarian forint slipped a quarter percent to the euro after Tuesday’s expected 15 basis-point (bps) rate cut, trading just off two-week lows. Hungarian short-dated bond yields hit new record lows after the cut.

The zloty resumed its fall, losing 0.4 percent to the euro on fears Poland’s plans for Swiss franc mortgage conversions will lead to ratings downgrades.

Earlier, Malaysian shares hit two-month lows as the crisis around state fund 1MBD continued. But default fears have been contained as Abu Dhabi-backed IPIC is paying a missed coupon on a bond that it guarantees.

The Brazilian real was marginally firmer before a central bank meeting that should hold rates steady. The currency is approaching recent eight-month highs on expectation a possible new government will unveil sweeping reforms .

For GRAPHIC on emerging market FX performance 2016, see

For GRAPHIC on MSCI emerging index performance 2016, see

For GRAPHIC on MSCI emerging Europe performance 2016, see

For GRAPHIC on MSCI frontier index performance 2016, see

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see )

Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg

on year

Morgan Stanley Emrg Mkt Indx 842.54 -0.09 -0.01 +6.09

Czech Rep 913.35 -1.54 -0.17 -4.49

Poland 1914.89 -1.46 -0.08 +3.00

Hungary 26969.02 +107.90 +0.40 +12.74

Romania 6577.55 -2.11 -0.03 -6.09

Greece 576.80 -22.79 -3.80 -8.64

Russia 939.48 +8.29 +0.89 +24.10

South Africa 46695.33 +112.60 +0.24 +1.96

Turkey 86004.06 +247.64 +0.29 +19.90

China 2954.01 -10.69 -0.36 -16.53

India 26018.34 +11.04 +0.04 -0.38

Currencies Latest Prev Local Local

close currency currency

% change % change

in 2016

Czech Rep 27.03 27.00 -0.10 -0.12

Poland 4.39 4.37 -0.40 -3.05

Hungary 311.97 311.05 -0.29 +0.86

Romania 4.46 4.47 +0.19 +1.35

Serbia 122.63 122.69 +0.05 -0.95

Russia 65.13 65.22 +0.14 +12.01

Kazakhstan 330.99 333.27 +0.69 +2.87

Ukraine 25.20 25.15 -0.20 -4.95

South Africa 14.40 14.40 +0.01 +7.40

Kenya 101.10 101.10 -0.00 +1.09

Israel 3.77 3.76 -0.28 +3.22

Turkey 2.82 2.82 +0.02 +3.46

China 6.49 6.49 -0.04 -0.01

India 66.45 66.39 -0.08 -0.38

Brazil 3.52 3.53 +0.13 +12.34

Mexico 17.38 17.37 -0.07 -1.20

Debt Index Strip Spd Chg %Rtn Index

Sov‘gn Debt EMBIG 409 1 .05 7 13.51 1

All data taken from Reuters.

Currency percent change calculated from the daily U.S.

close at 2130 GMT.

Editing by Ed Osmond

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