China's COVID protests roil global sentiment
Hungarian business confidence worsens in November - GKI
Oil prices slide on demand worries, weigh on Russian
EM stocks down 1.1%, currencies off 0.4%
Nov 28 (Reuters) - Emerging market stocks tumbled on
Monday as worries about protests against COVID curbs in the
world's second-largest economy weighed on global investor
sentiment and currencies in the region weakened against a
Chinese stocks closed lower as recent monetary easing
measures failed to offset concerns about COVID protests in the
country, while the yuan slipped versus the stronger
"International investors have become a lot more cautious
towards China," said Victoria Scholar, head of investment at
"Last week China cut the reserve requirement ratio (RRR) by
25 basis points (bps) to kick start its economy. However, this
is unlikely to be enough to offset headwinds from Beijings
harsh COVID lockdowns."
Overall, emerging market stocks fell 1.1% and
currencies slipped 0.4%.
The South African rand weakened 0.5% against the
dollar on concerns that China's unrest will weigh on global
In Hungary, business sentiment worsened in November even as
consumer confidence improved slightly, a survey showed on
Monday, noting both measures remained near levels last seen
during the pandemic.
The Hungarian forint added 0.2% against the euro
in early trading. Other central and eastern European currencies
also edged up against the euro, with the Polish zloty
Poland is seeking German support to slap EU sanctions on the
Polish-German section of the Druzhba crude pipeline so Warsaw
can abandon a deal to buy Russian oil next year without paying
penalties, two sources familiar with the talks said on Friday.
The Russian rouble and stocks followed global oil prices
lower, as concerns rose about the outlook for fuel demand in
China, the world's biggest crude importer.
E-scooter firm Whoosh said it is considering an initial
public offering (IPO) on the Moscow Exchange, in what would be
Russia's first public listing since it began what it calls a
"special military operation" in Ukraine.
Turkey's lira edged higher against the greenback. The
central bank of Turkey cut its policy rate by 150 bps to 9% last
week and said it has decided to halt its easing cycle.
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(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by