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Stocks, FX slide as rare China protests raise global growth concerns

11/28/2022 | 04:03am EST

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China's COVID protests roil global sentiment

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Hungarian business confidence worsens in November - GKI survey

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Oil prices slide on demand worries, weigh on Russian stocks, rouble

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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 stronger dollar.

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 greenback.

"International investors have become a lot more cautious towards China," said Victoria Scholar, head of investment at Interactive Investor.

"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 Beijing’s 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 growth.

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 leading gains.

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. For GRAPHIC on emerging market FX performance in 2022, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2022, see https://tmsnrt.rs/2OusNdX

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Janane Venkatraman)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CHINESE YUAN RENMINBI (AUD/CNY) -0.04% 4.726867 Delayed Quote.-0.35%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.07% 0.64859 Delayed Quote.0.74%
BRENT OIL 3.28% 84.03 Delayed Quote.-6.97%
BRITISH POUND / CHINESE YUAN RENMINBI (GBP/CNY) 0.00% 8.184198 Delayed Quote.-2.18%
BRITISH POUND / EURO (GBP/EUR) -0.01% 1.12338 Delayed Quote.-1.21%
BRITISH POUND / US DOLLAR (GBP/USD) 0.01% 1.20538 Delayed Quote.-0.43%
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) -0.04% 5.0678 Delayed Quote.-0.89%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.06% 0.695638 Delayed Quote.0.28%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.06% 0.74632 Delayed Quote.1.04%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) -0.05% 7.2841 Delayed Quote.-1.02%
EURO / US DOLLAR (EUR/USD) 0.00% 1.07294 Delayed Quote.0.81%
INDIAN RUPEE / CHINESE YUAN RENMINBI (INR/CNY) -0.09% 0.082019 Delayed Quote.-1.19%
INDIAN RUPEE / EURO (INR/EUR) 0.02% 0.011256 Delayed Quote.-0.20%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.08% 0.012078 Delayed Quote.0.62%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.00% 0.63193 Delayed Quote.-0.36%
RTS INDEX 0.00%End-of-day quote.-41.03%
RUSSIA MOEX 0.00%End-of-day quote.0.00%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.08% 6.7726 Delayed Quote.-1.75%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.02% 6.7905 Delayed Quote.-1.80%
US DOLLAR / EURO (USD/EUR) 0.00% 0.932019 Delayed Quote.-0.80%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.88% 72.11 Delayed Quote.-1.98%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.03% 18.82875 Delayed Quote.0.74%
WTI -0.33% 77.593 Delayed Quote.-8.77%
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