July 30, 2020 / 10:02 AM / 8 days ago

CEE MARKETS-Stocks slip as German GDP data unnerves markets

    By Anita Komuves
    BUDAPEST, July 30 (Reuters) - Central European stocks fell
on Thursday, tracking a retreat in European shares, as
weaker-than-expected German GDP data revealed the scale of
economic havoc wrought by the COVID-19 pandemic.
    The German economy contracted by 10.1% in the second
quarter, its steepest plunge on record.
    Warsaw's stocks led losses in the region, falling
1.32% by 0819 GMT. Budapest's equities were down 0.93%,
while Prague's blue chip index eased 0.19%. 
    Markets in the CEE region are also closely eyeing Czech GDP
data to be published on Friday. Market consensus is for a 14.7%
year-on-year contraction in GDP in Q2.
    The crown could gain in the short term as long as there is
no negative surprise in the GDP data, CSOB said in a client
note.
    "Growth data have started to point to an upswing in economic
activity and the upcoming 2Q GDP flash estimate on Friday is
likely to mark the trough in the growth cycle," Morgan Stanley
said in a note. 
    The crown edged down 0.04% and was trading at
26.260 per euro.
    Elsewhere, the Hungarian forint firmed 0.16% to
345.400 versus the common currency. The Polish zloty
gained 0.23%, trading at 4.4098 to the euro. The Romanian leu
 was mostly unchanged.
    
                     CEE       SNAPSHO   AT                     
                     MARKETS   T        1019 CET          
                               CURRENC                          
                               IES                        
                               Latest   Previous  Daily   Change
                               bid      close     change  in
                                                          2020
 EURCZK=  Czech      <EURCZK=  26.2600   26.2500  -0.04%  -3.15%
          crown      >                                    
 EURHUF=  Hungary    <EURHUF=  345.400  345.9500   +0.16  -4.13%
          forint     >               0                 %  
 EURPLN=  Polish     <EURPLN=   4.4098    4.4199   +0.23  -3.48%
          zloty      >                                 %  
 EURRON=  Romanian   <EURRON=   4.8335    4.8325  -0.02%  -0.94%
          leu        >                                    
 EURHRK=  Croatian   <EURHRK=   7.4885    7.4930   +0.06  -0.58%
          kuna       >                                 %  
 EURRSD=  Serbian    <EURRSD=  117.520  117.6200   +0.09   +0.04
          dinar      >               0                 %       %
          Note:      calculated from              1800          
          daily                                   CET     
          change                                          
                                                                
                               Latest   Previous  Daily   Change
                                        close     change  in
                                                          2020
 .PX      Prague                902.35  904.1000  -0.19%  -19.12
                                                               %
 .BUX     Budapest             34590.7  34917.01  -0.93%  -24.94
                                     6                         %
 .WIG20   Warsaw               1800.49   1824.53  -1.32%  -16.26
                                                               %
 .BETI    Bucharest            8576.15   8576.36  -0.00%  -14.04
                                                               %
 .SBITOP  Ljubljana  <.SBITOP   852.87    850.23   +0.31  -7.88%
                     >                                 %  
 .CRBEX   Zagreb               1580.53   1580.98  -0.03%  -21.66
                                                               %
 .BELEX1  Belgrade   <.BELEX1   671.89    670.26   +0.24  -16.19
 5                   5>                                %       %
 .SOFIX   Sofia                 440.26    438.16   +0.48  -22.51
                                                       %       %
                                                                
                               Yield    Yield     Spread  Daily
                               (bid)    change    vs      change
                                                  Bund    in
          Czech                                           spread
          Republic                                        
 CZ2YT=R    2-year   <CZ2YT=R   0.0990    0.0160   +079b   +3bps
 R                   R>                               ps  
 CZ5YT=R    5-year   <CZ5YT=R   0.3870   -0.0670   +109b   -5bps
 R                   R>                               ps  
 CZ10YT=    10-year  <CZ10YT=   0.8490    0.0450   +137b   +6bps
 RR                  RR>                              ps  
          Poland                                                
 PL2YT=R    2-year   <PL2YT=R   0.1110   -0.0220   +080b   -1bps
 R                   R>                               ps  
 PL5YT=R    5-year   <PL5YT=R   0.6970   -0.0170   +140b   +0bps
 R                   R>                               ps  
 PL10YT=    10-year  <PL10YT=   1.3280   -0.0150   +185b   +0bps
 RR                  RR>                              ps  
                     FORWARD                                    
                               3x6      6x9       9x12    3M
                                                          interb
                                                          ank
          Czech Rep               0.31      0.32    0.37    0.34
                     <PRIBOR=                             
                     >                                    
          Hungary                 0.60      0.59    0.57    0.60
                                                          
          Poland                  0.20      0.20    0.21    0.24
                                                          
          Note: FRA  are for ask                                
          quotes     prices                               
          **********************************************        
          ****************                                
 
 (Additional reporting by Alan Charlish in Warsaw and Jason
Hovet in Prague; Editing by Ramakrishnan M.)
  
 
 
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