{"id":14342,"date":"2012-09-06T15:51:05","date_gmt":"2012-09-06T13:51:05","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/emerging-markets-firm-on-ecb-ukraine-fx-lifted-by-state-bank\/"},"modified":"2012-09-06T15:51:05","modified_gmt":"2012-09-06T13:51:05","slug":"emerging-markets-firm-on-ecb-ukraine-fx-lifted-by-state-bank","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/emerging-markets-firm-on-ecb-ukraine-fx-lifted-by-state-bank\/","title":{"rendered":"EMERGING MARKETS-Firm on ECB; Ukraine FX lifted by state bank"},"content":{"rendered":"

\t\t<\/span><\/p>\n

LONDON, Sept 6<\/span> (Reuters) – Emerging stocks inched up from
\nfive-week lows on Thursday before a European Central Bank
\nmeeting that could produce a much-anticipated bond-buying
\nprogramme, while Ukraine’s hryvnia was flat after central bank
\naction raised it off 2-1\/2 year lows.<\/span><\/p>\n

<\/span><\/p>\n

All eyes are on the ECB’s policy announcement at 1145 GMT
\nand President Mario Draghi’s news conference at 1230 GMT, as
\nmarkets look for details of potential bond-buying which could
\nsignificantly lower Spanish and Italian borrowing costs.<\/p>\n

<\/span><\/p>\n

A string of leaks from euro zone officials has provided
\nmarkets with confidence that Draghi will back up his July 26 vow
\nto do “whatever it takes” to save the euro.<\/p>\n

<\/span><\/p>\n

Investors pushed MSCI’s main emerging index 0.3
\npercent higher after two days of losses while emerging
\nEuropean stocks jumped 1 percent.<\/p>\n

<\/span><\/p>\n

Shanghai rebounded 0.7 percent off 3-1\/2 year lows
\nafter reports the government had approved over $100 billion
\nworth of rail projects.<\/p>\n

<\/span><\/p>\n

Turkish shares, one of the best emerging performers
\nof 2012, touched new 16-month highs on hopes of policy easing.<\/p>\n

<\/span><\/p>\n

On currencies, the Polish zloty bounced 0.5 percent off
\nWednesday’s six-week lows while the Hungarian and
\nCzech currencies rose 0.3 percent .<\/p>\n

<\/span><\/p>\n

Ukraine’s hryvnia, meanwhile, was at one-week highs, having
\nbeen lifted off December 2009 lows thanks to dollar-selling by
\nstate-run Oshchadny Bank on Wednesday. The currency, pegged at
\nabout 8 per dollar since early 2010, hit a low of 8.18 on
\nTuesday and is now trading at 8.14 per dollar.<\/p>\n

<\/span><\/p>\n

Analysts attribute the plunge to the redemption of
\ngovernment bonds by foreign investors who chose not to reinvest.
\n Weak foreign trade and current account data have boosted
\nconviction that a devaluation looms after October elections.<\/p>\n

<\/span><\/p>\n

“High devaluation fears and the abundance of extra liquidity
\nmay still pressure both the interbank and cash FX market,” ING
\nanalysts wrote. “We believe this will continue and (the
\nhryvnia\/dollar exchange rate) may end up testing new 3-year
\nlows.”<\/p>\n

<\/span><\/p>\n

(Reporting by Sujata Rao; Editing by Ruth Pitchford)<\/p>\n

<\/span><\/p>\n

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON, Sept 6 (Reuters) – Emerging stocks inched up from five-week lows on Thursday before a European Central Bank meeting that could produce a much-anticipated bond-buying programme, while Ukraine’s hryvnia was flat after central bank action raised it off 2-1\/2 year lows. All eyes are on the ECB’s policy announcement at 1145 GMT and President […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14342","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14342"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14342\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}