{"id":14978,"date":"2012-09-26T16:58:56","date_gmt":"2012-09-26T14:58:56","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/emerging-markets-stocks-fall-on-spain-greece-worries-forint-slips\/"},"modified":"2012-09-26T16:58:56","modified_gmt":"2012-09-26T14:58:56","slug":"emerging-markets-stocks-fall-on-spain-greece-worries-forint-slips","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/emerging-markets-stocks-fall-on-spain-greece-worries-forint-slips\/","title":{"rendered":"EMERGING MARKETS-Stocks fall on Spain, Greece worries, forint slips"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">LONDON, Sept 26<\/span> (Reuters) &#8211; Emerging stocks dropped 1<br \/>\npercent on Wednesday on concerns about developments in Spain and<br \/>\nGreece, while Hungarian assets fell following a rate cut a day<br \/>\nearlier.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>Protesters clashed with police in Madrid on Tuesday ahead of<br \/>\nthe unveiling of Spain&#8217;s 2013 budget on Thursday and Greeks held<br \/>\na general strike as ministers sought to renegotiate a bailout.<\/p>\n<p><span><\/span><\/p>\n<p>High-yielding emerging market stocks had leapt more than 3<br \/>\npercent the day after the Federal Reserve announced a third,<br \/>\nopen-ended programme of &#8216;quantitative easing&#8217; (QE)<br \/>\nmoney-printing this month.<\/p>\n<p><span><\/span><\/p>\n<p>But concerns about the euro zone periphery have since come<br \/>\nback into the spotlight.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;There is a pause in positive sentiment after QE3, people<br \/>\nare more focused on Spain,&#8221; said Luis Costa, emerging markets<br \/>\nstrategist at Citi.<\/p>\n<p><span><\/span><\/p>\n<p>Benchmark emerging equities fell 1 percent to<br \/>\n12-day lows and are only 1 percent stronger than at the close on<br \/>\nSept 13, when Fed boss Ben Bernanke made the QE announcement.<\/p>\n<p><span><\/span><\/p>\n<p>But emerging stocks are still up 5 percent on the month,<br \/>\nbuoyed by the European Central Bank&#8217;s programme to buy<br \/>\ngovernment bonds, which could lead to fund rotation back into<br \/>\nemerging markets.<\/p>\n<p><span><\/span><\/p>\n<p>The forint hit a two-week low and Hungary&#8217;s debt<br \/>\ninsurance costs widened by 17 basis points to 395 bps in the<br \/>\nfive-year credit default swap market, according to Markit, after<br \/>\nthe central bank cut rates by a quarter point on Tuesday.<\/p>\n<p><span><\/span><\/p>\n<p>The cut was the second in a row and the bank flagged further<br \/>\npossible easing, with dovish rate-setters seemingly prioritising<br \/>\ngrowth over a fight against inflation.<\/p>\n<p><span><\/span><\/p>\n<p>Emerging European currencies were generally steady to<br \/>\nweaker. The Czech central bank is expected to cut rates this<br \/>\nweek, while Romania&#8217;s central bank is forecast to stay on hold.<\/p>\n<p><span><\/span><\/p>\n<p>(Reporting by Carolyn Cohn and Sujata Rao)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON, Sept 26 (Reuters) &#8211; Emerging stocks dropped 1 percent on Wednesday on concerns about developments in Spain and Greece, while Hungarian assets fell following a rate cut a day earlier. Protesters clashed with police in Madrid on Tuesday ahead of the unveiling of Spain&#8217;s 2013 budget on Thursday and Greeks held a general strike [&hellip;]<\/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-14978","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\/14978","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=14978"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14978\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}