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CEE FX slides marginally, stocks down on fresh U.S. trade woes

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BUCHAREST — Central European currencies

mostly slid marginally in thin trade on Tuesday while stocks

eased mirroring emerging assets with investors wary of fallout

from a new U.S. trade conflict with Latin American export

heavyweights.

As trade frictions with China already roil markets,

Washington said it would restore tariffs on metal imports from

Brazil and Argentina.

In Central Europe, Warsaw’s WIG 20 led regional

losses, down 0.5% on the day, with Poland’s second largest

lender, Pekao, falling 1.7% to 98.06 zloty by 1000 GMT.

Acting Pekao CEO Marek Lusztyn told Polish business daily

Parkiet on Tuesday the bank will continue with its outlined

strategy after the unexpected resignation of former CEO Michal

Krupinski on Friday.

Budapest’s market eased 0.4% on the day, followed by

Prague down 0.3% and Bucharest 0.1%.

Players said all eyes will be on this week’s monetary policy

council in Poland, seen keeping interest rates unchanged.

“The assumption about interest rate stabilization (as in

minutes) will probably be repeated,” PKO BP analysts said in a

note.

“Despite inflation above the NBP target, the market is

pricing in interest rate cuts over the next two years, which is

influenced by the actions of major central banks as well as the

slowdown in the global economy, with recent GDP data also

showing signs of a slowdown in Poland.”

By 1010 GMT, the Polish zloty led losses with a

0.2% fall, followed by the Romanian leu and the Czech

crown with 0.1% slide each. The Hungarian forint was

flat at 332.2 to the euro.

CEE SNAPSHO AT

MARKETS T 1100 CET

CURRENC

IES

Latest Previous Daily Change

bid close change in 2019

Czech 25.5500 25.5460 -0.02% +0.61%

crown

Hungary 332.150 332.2000 +0.02% -3.33%

forint 0

Polish 4.2881 4.2831 -0.12% +0.03%

zloty

Romanian 4.7780 4.7760 -0.04% -2.60%

leu

Croatian 7.4347 7.4375 +0.04% -0.33%

kuna

Serbian 117.450 117.4900 +0.03% +0.72%

dinar 0

Note: calculated from 1800

daily CET

change

Latest Previous Daily Change

close change in 2019

Prague 1080.05 1081.690 -0.15% +9.48%

Budapest 43167.2 43370.30 -0.47% +10.29

2 %

Warsaw 2115.98 2122.30 -0.30% -7.06%

Bucharest 9902.09 9903.07 -0.01% +34.11

%

Ljubljana 898.67 898.96 -0.03% +11.74

%

Zagreb 2003.45 2002.18 +0.06% +14.56

%

Belgrade

Sofia 544.05 547.82 -0.69% -8.48%

BONDS

Yield Yield Spread Daily

(bid) change vs Bund change

in

Czech spread

Republic

2-year s

5-year s

10-year s

Poland

2-year s

5-year s

10-year s

FORWARD RATE AGREEMEN

T

3×6 6×9 9×12 3M

interba

nk

Czech Rep

Hungary

Poland

Note: FRA are for ask prices

quotes

************************************************

**************

(Reporting by Radu Marinas;

Editing by Andrew Cawthorne)

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