META PLATFORMS, INC.

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Fed, Ukraine worries pressure stocks for third session

01/25/2022 | 04:43am EDT

Jan 25 (Reuters) - Emerging market shares fell sharply for a third straight session on Tuesday as the threat of Russia-Ukraine military conflict and wariness over U.S. monetary policy weighed on sentiment.

Equity markets in Turkey, Hungary and Romania fell between 0.2% and 2.9% in volatile trade as the West stepped up preparations for its response to any Russian invasion of Ukraine.

But after a brutal European session on Monday, other markets were showing signs of stabilising. Russia's IMOEX share index climbed 1.2%, paring the previous session's near 6% slide, while those in South Africa and Poland firmed around 1.3% each.

"Markets are trading very nervously. At the moment, we're seeing increasing tensions being built up around Ukraine from both sides," said Jakob Christensen, chief analyst and head of EM research at Danske Bank.

"The next step to watch out for is the U.S. response to Russian demands," he said.

Given the rouble's slide - 4.7% this year - Christensen expects the Russian central bank to be slightly more hawkish in February and sees a 50 basis points interest rate hike.

Russia's rouble was 0.6% stronger at 78.6 a dollar after sliding to 14-month lows on Monday, while Ukraine's hryvnia edged 0.2% higher after its worst session in almost two years.

Russian OFZ bonds steadied, while hard-currency debt continued to fall on Tuesday.

The broader MSCI index of emerging shares fell 1.1% as investors braced for a hawkish Federal Reserve.

While a 25 basis point hike in March is fully priced in, there is plenty of market speculation about a rate raise as soon as Wednesday when the Fed concludes its two-day meeting.

Ahead of the Chinese New Year holidays, mainland shares lost more than 2%, while the yuan hit 3-1/2 year highs. Singapore's dollar outperformed regional peers after a surprise hike in interest rates.

With tech stocks down and North Korea firing what appeared to be two cruise missiles into the sea off its east coast on Tuesday, South Korea's KOSPI slumped to over one-year lows.

The EM index has lost about 1.8% this month but is nonetheless faring significantly better than MSCI's all-country index, which is down about 6% for the year with pressure coming from the high-value cluster that includes Apple , Amazon and Meta among others.

Hungary's forint was flat ahead of a central bank meeting later in the day when a 30 bps hike to 2.7% is expected, with inflation this year forecast at its strongest in a decade.

On Thursday, South Africa is seen hiking by 25 basis points to 4%.

For GRAPHIC on emerging market FX performance in 2021, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, 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 Susan Mathew in Bengaluru; Editing by Kirsten Donovan)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.85% 139.4654 Delayed Quote.-20.70%
AUSTRALIAN DOLLAR / CHINESE YUAN RENMINBI (AUD/CNY) 0.54% 4.734524 Delayed Quote.2.66%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 1.51% 0.706 Delayed Quote.-3.17%
BRITISH POUND / CHINESE YUAN RENMINBI (GBP/CNY) 0.58% 8.392009 Delayed Quote.-2.11%
BRITISH POUND / US DOLLAR (GBP/USD) 1.36% 1.25088 Delayed Quote.-7.71%
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) -0.14% 5.233 Delayed Quote.4.63%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.64% 0.78079 Delayed Quote.-1.28%
DANSKE BANK A/S -1.62% 106.1 Delayed Quote.-4.52%
DOW JONES AFRICA TITANS 50 INDEX 2.25% 510.24 Real-time Quote.-6.74%
DOW JONES SOUTH AFRICA(ZAR) -1.47% 1917.07 Real-time Quote.-1.99%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) 0.46% 7.1044 Delayed Quote.-1.62%
EURO / UKRAINE HRYVNIA (EUR/UAH) 1.14% 31.278971 Delayed Quote.0.61%
EURO / US DOLLAR (EUR/USD) 1.10% 1.0585 Delayed Quote.-7.24%
INDIAN RUPEE / CHINESE YUAN RENMINBI (INR/CNY) -0.22% 0.086615 Delayed Quote.1.92%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.46% 0.012911 Delayed Quote.-3.86%
KOSPI COMPOSITE INDEX -1.53% 2588.63 Real-time Quote.-11.68%
META PLATFORMS, INC. 1.38% 194.825 Delayed Quote.-42.85%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 1.73% 0.63994 Delayed Quote.-7.01%
S&P AFRICA 40 INDEX 1.71% 163.52 Real-time Quote.-8.17%
UKRAINE HRYVNIA / EURO (UAH/EUR) -1.11% 0.031972 Delayed Quote.-0.61%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.82% 6.72105 Delayed Quote.5.96%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.68% 6.7085 Delayed Quote.6.01%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -2.23% 62.085 Delayed Quote.-14.26%
US DOLLAR / TURKISH LIRA (USD/TRY) -0.52% 15.8527 Delayed Quote.18.89%
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Financials (USD)
Sales 2022 127 B - -
Net income 2022 32 620 M - -
Net cash 2022 47 679 M - -
P/E ratio 2022 16,2x
Yield 2022 -
Capitalization 520 B 520 B -
EV / Sales 2022 3,73x
EV / Sales 2023 3,10x
Nbr of Employees 77 805
Free-Float 84,3%
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Number of Analysts 55
Last Close Price 192,24 $
Average target price 289,12 $
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Mark Elliot Zuckerberg Chairman & Chief Executive Officer
David M. Wehner Chief Financial Officer
Atish Banerjea Chief Information Officer
Andrew Bosworth Chief Technology Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
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