May 21, 2020 / 8:53 AM / 4 days ago

CEE MARKETS-Stocks fall as new data reveals scale of virus hit

    By Anita Komuves
    BUDAPEST, May 21 (Reuters) - Central European stock markets
eased on Thursday as markets around the world switched into
risk-off mood and fresh data in the region showed the
devastating effects of the pandemic, with Polish industrial
output dropping 24.7% year-on-year in April.
    The export-driven economies of the CEE region have been hit
hard by the lockdown measures introduced to curb the spread of
the coronavirus.
    The International Monetary Fund forecast that economies in
the region will contract by 3% to 7% this year due to the
pandemic.
    Equities in the region were down with Prague's blue chip
index leading losses by dropping 0.74% by 0726 GMT. Warsaw
 was down 0.4% while Budapest eased 0.3%.
Bucharest's stock market was down 0.2%. 
    Currencies were mostly stable with the Czech crown firming
0.3% to 27.230 versus the euro. The Polish zloty and the
Romanian leu were little moved.
    The Hungarian forint firmed 0.06% to 349.650 against the
euro. The currency has been trading near the 350 level for the
past few sessions.    
    "The international mood and possible further steps from the
NBH could give a new direction to the forint," an FX trader in
Budapest said.
    "Many people expect policy loosening from the central bank
sooner or later, a lowering of the interest rate on the one-week
deposit tender, or that the bank accepts a smaller amount of
bids to boost liquidity," he added.  
    The NBH holds its one-week deposit tender later today. The
NBH has been offering the facility at the 0.9% since it was
introduced.
    In a Reuters poll some economists said the bank might lower
the interest rate on the facility later this year if the forint
remains stable and the scale of damage to the economy from the
pandemic gets clearer.
    
** For an interactive graphic on CEE economic developments: reut.rs/3exsJHO
    
                   CEE      SNAPSHO   AT                      
                   MARKETS  T        0926              
                                     CET               
                            CURRENC                           
                            IES                        
                            Latest   Previou  Daily    Change
                                     s                 
                            bid      close    change   in 2020
 EURCZK  Czech     <EURCZK  27.2300  27.3200   +0.33%   -6.60%
 =       crown     =>                                  
 EURHUF  Hungary   <EURHUF  349.650  349.850   +0.06%   -5.29%
 =       forint    =>             0        0           
 EURPLN  Polish    <EURPLN   4.5349   4.5352   +0.01%   -6.14%
 =       zloty     =>                                  
 EURRON  Romanian  <EURRON   4.8440   4.8434   -0.01%   -1.15%
 =       leu       =>                                  
 EURHRK  Croatian  <EURHRK   7.5750   7.5765   +0.02%   -1.71%
 =       kuna      =>                                  
 EURRSD  Serbian   <EURRSD  117.530  117.570   +0.03%   +0.03%
 =       dinar     =>             0        0           
         Note:     calculated from            1800            
         daily                                CET      
         change                                        
                                                              
                            Latest   Previou  Daily    Change
                                     s                 
                                     close    change   in 2020
 .PX     Prague              872.10  878.570   -0.74%  -21.83%
                                           0           
 .BUX    Budapest           35535.4  35635.5   -0.28%  -22.89%
                                  8        2           
 .WIG20  Warsaw    <.WIG20  1646.26  1652.64   -0.39%  -23.43%
                   >                                   
 .BETI   Buchares           8403.91  8419.75   -0.19%  -15.77%
         t                                             
 .SBITO  Ljubljan  <.SBITO   809.74   809.74   +0.00%  -12.54%
 P       a         P>                                  
 .CRBEX  Zagreb    <.CRBEX  1581.30  1581.30   +0.00%  -21.62%
                   >                                   
 .BELEX  Belgrade  <.BELEX   673.50   673.50   +0.00%  -15.99%
 15                15>                                 
 .SOFIX  Sofia     <.SOFIX   448.91   449.45   -0.12%  -20.99%
                   >                                   
                                                              
                            Yield    Yield    Spread   Daily
                            (bid)    change   vs Bund  change
                                                       in
         Czech                                         spread
         Republic                                      
 CZ2YT=    2-year  <CZ2YT=   0.1250  -0.0080   +080bp    +0bps
 RR                RR>                              s  
 CZ5YT=    5-year  <CZ5YT=   0.3750  -0.0770   +104bp    -8bps
 RR                RR>                              s  
 CZ10YT            <CZ10YT   0.8280   0.0370   +131bp    +5bps
 =RR     10-year   =RR>                             s  
         Poland                                               
 PL2YT=    2-year  <PL2YT=   0.5410  -0.0230   +122bp    -2bps
 RR                RR>                              s  
 PL5YT=    5-year  <PL5YT=   0.9330   0.0000   +160bp    +0bps
 RR                RR>                              s  
 PL10YT            <PL10YT   1.3850   0.0000   +186bp    +1bps
 =RR     10-year   =RR>                             s  
                   FORWARD                                    
                            3x6      6x9      9x12     3M
                                                       interba
                                                       nk
         Czech     <CZKFRA     0.23     0.24     0.25     0.34
         Rep       ><PRIBO                             
                   R=>                                 
         Hungary   <HUFFRA     0.87     0.83     0.79     1.01
                   ><BUBOR                             
                   =>                                  
         Poland    <PLNFRA     0.40     0.37     0.37     0.68
                   ><WIBOR                             
                   =>                                  
         Note:     are for ask                                
         FRA       prices                              
         quotes                                        
 

 (Editing by Giles Elgood)
  
 
 
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