PRESS DIGEST- New York Times business news - May 23
May 23 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
* Zloty, forint ease, near psychological levels * Hungary central banker responsibility cuts cause worry * Poland's PKO earnings rise by less than expected (Adds further fall of Polish bank stocks) By Sandor Peto BUDAPEST, March 6 Hungary's forint eased on Monday after the central bank cut more of Deputy Governor Marton Nagy's responsibilities, while Poland's zloty retreated further against the euro. Regional equities were also mostly negative even though the markets looked much calmer than a week ago when profit-taking knocked the indices after a global rally. The Hungarian central bank said Nagy, who is regarded as the mastermind of the bank's dovish course built on unorthodox, liquidity-boosting tools and a funding for growth scheme, would no longer be in charge of financial stability issues. But Nagy, who resigned last week as chairman of the Budapest Stock Exchange, will keep a monetary policy brief. The forint eased 0.3 percent against the euro and the zloty had shed 0.4 percent by 1603 GMT. "It is an international impact, with the dollar easing against the euro...and the news on Nagy may have also played a role as he is liked in markets," a Budapest currency dealer said. A fixed income trader at another bank said they were getting inquiries from abroad about Nagy and the uncertainty over him weighed on the forint, which was probably not unwelcome for the central bank. "Monetary policy without Nagy would be probably even more dovish than now," the trader said. Economic figures to be released in the region this week, including Hungary, are likely to underpin consumption-led growth and further rise in inflation, Erste group said in a note. "In general, we do not think that they will rush to increase rates this year," it added. Central bank policy tightening later could lift the revenues of commercial banks, further improving the sector's outlook after a rise in earnings last year. Bank stocks have been a key driver of a rally if equities in the region this year. The stocks of Poland's biggest lender, PKO BP fell 2 percent on Monday after it reported a 34 percent annual rise in its fourth-quarter profits, less than expected, and said it expected a stabilisation of net interest revenues this year. The government said it planned to convert part of the debt of state coal producer KHW into shares of a merged state coal firm. The holders of KHW bonds include PKO and BZ WBK bank whose shares fell 1.7 percent. Warsaw's bluechip stock index shed 0.7 percent by 1603 GMT. CEE SNAPS AT 1703 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 00 0% % Hungary 309.8 309.0 -0.26 -0.32 forint 100 000 % % Polish 4.311 4.295 -0.38 2.13% zloty 9 6 % Romanian 4.532 4.533 +0.0 0.05% leu 8 2 1% Croatian 7.410 7.416 +0.0 1.96% kuna 0 6 9% Serbian 123.6 123.6 +0.0 -0.23 dinar 400 900 4% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 975.5 974.2 +0.1 +5.8 7 3 4% 5% Budapest 33157 33193 -0.11 +3.6 .94 .81 % 1% Warsaw 2217. 2232. -0.70 +13. 41 98 % 83% Bucharest 7923. 7978. -0.70 +11. 39 97 % 83% Ljubljana 788.1 793.8 -0.72 +9.8 2 3 % 3% Zagreb 2209. 2218. -0.40 +10. 54 38 % 76% Belgrade <.BELEX15 725.8 722.1 +0.5 +1.1 > 0 9 0% 8% Sofia 615.1 613.0 +0.3 +4.8 2 7 3% 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.62 0.035 +020 +5bp > 6 bps s 5-year <CZ5YT=RR -0.02 -0.04 +041 -3bps > 2 bps 10-year <CZ10YT=R 0.655 -0.03 +031 -2bps R> 3 bps Poland 2-year <PL2YT=RR 2.168 0.003 +299 +2bp > bps s 5-year <PL5YT=RR 3.025 -0.03 +345 -2bps > 5 bps 10-year <PL10YT=R 3.693 -0.03 +335 -3bps R> 6 bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.3 0.33 0.4 0 PRIBOR=> Hungary < 0.315 0.44 0.565 0.23 BUBOR=> Poland < 1.77 1.79 1.86 1.73 WIBOR=> Note: FRA are for quotes ask prices ************************************************** ************ (Additional reporting by Radu Marinas in Bucharest and Marcin Goclowski in Warsaw; Editing by Alexander Smith)
The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. - - - - - GLOBAL MARKETS Sterling extended losses on Tuesday after a suspected terrorist attack killed at least 19 people and wounded 50 at a pop concert in the English city of Manchester, while the euro held gains made after German Chancellor Angela Merkel said the currency was "too weak". WORLD OIL P