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Stocks set for best monthly performance since 2009

11/30/2022 | 05:13am EST

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Hungarian forint down with EU funds in focus

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EM stocks up 1.3%, FX adds 0.3%

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Dollar heads for biggest monthly loss since 2010

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Turkey's economy grew 3.9% in cooler Q3

Nov 30 (Reuters) - Emerging market stocks were set to post the best month since May 2009, while currencies were on track to snap a five-month losing streak as the dollar weakened in November amid bets the U.S. Federal Reserve would pivot from aggressive rate hikes.

The MSCI's index for emerging market stocks gained 1.3% on Wednesday, while currencies added 0.3% against a tepid dollar.

Emerging markets have been sensitive to the U.S. rate outlook this year, as Fed's aggressive monetary tightening has buoyed the dollar so far, putting pressure on regional currencies.

"Developed markets sucked a lot of capital back in on higher (Fed) rates and all of a sudden you're starting to see that backdrop stabilize even though growth conditions are fairly weak," said Simon Harvey, senior FX analyst at Monex Europe.

Supporting emerging market currencies in November, the U.S. dollar index was poised for its biggest one-month drop since June 2010 as investors have upped their bets that inflation has peaked and the Fed will soon signal a shift in its monetary policy.

Investors looked to Fed Chair Jerome Powell's speech due later in the day for more clues on monetary policy stance of the world's largest economy.

China's blue-chip CSI 300 Index edged 0.1% higher on Wednesday. The index has gained 9.8% so far this month on rising hopes of easing COVID-19 measures in the world's second-largest economy and policy support for its beleaguered property sector.

In central and eastern Europe, the Hungarian forint fell against the euro as investors eyed an announcement from the European Commission due around 1100 GMT on EU funds earmarked for Hungary.

The European Commission is likely to approve Hungary's post-pandemic recovery plan to keep open the possibility of EU disbursements later, but hold back any payouts until Budapest fulfils all agreed conditions, sources have said.

The Polish zloty edged higher after flash inflation data for November came in lower than expected.

The South African rand rose 0.4% against a weaker dollar.

Data showed Turkey's economy grew 3.9% annually in the third quarter, slightly less than expected, as high inflation and a global slowdown weighed on domestic and foreign demand. The lira was subdued against the greenback.

The Russian rouble edged up against the dollar, tracking higher oil prices, ahead of three government OFZ treasury bond auctions. 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 Sherry Jacob-Phillips)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.16% 0.65382 Delayed Quote.1.70%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.02% 0.71119 Delayed Quote.3.43%
BRENT OIL 0.14% 87.54 Delayed Quote.0.61%
BRITISH POUND / EURO (GBP/EUR) -0.03% 1.13921 Delayed Quote.0.24%
BRITISH POUND / US DOLLAR (GBP/USD) -0.21% 1.2389 Delayed Quote.1.95%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.01% 0.689451 Delayed Quote.-0.43%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.17% 0.74963 Delayed Quote.1.32%
DOW JONES FXCM DOLLAR INDEX 0.05% 12681.78 Real-time Quote.-1.38%
EURO / US DOLLAR (EUR/USD) -0.17% 1.0873 Delayed Quote.1.75%
INDIAN RUPEE / EURO (INR/EUR) -0.05% 0.011274 Delayed Quote.-0.34%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.13% 0.012269 Delayed Quote.1.37%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.04% 0.64931 Delayed Quote.2.31%
US DOLLAR / EURO (USD/EUR) 0.17% 0.919608 Delayed Quote.-1.72%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.01% 69.5001 Delayed Quote.-3.54%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.16% 18.8055 Delayed Quote.0.57%
WTI 0.36% 81.285 Delayed Quote.-0.46%
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