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Hungary follows Czech Republic into technical recession
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Romanian Q4 GDP tops estimates, CPI below expectations
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Poland's Q4 GDP below forecast
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Russian rouble dips near 10-month low vs dollar
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Adani Enterprises posts Q3 profit, shares reverse losses
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FX up 0.2%, stocks add 0.2%
By Bansari Mayur Kamdar Feb 14 (Reuters) - Currencies in emerging markets inched higher on Tuesday against a softer dollar, with investors cautious ahead of key U.S. inflation data, while Hungary's forint slipped after data showed the country slipped into a technical recession last quarter. The MSCI's index for emerging market currencies was up 0.2% at 0915 GMT, supported by a tepid dollar as markets awaited U.S. consumer price index data for further clues on the policy outlook in the world's largest economy. In central and eastern Europe, the forint was subdued against the euro, after briefly falling as data showed the Hungarian economy shrank 0.4% quarter-on-quarter, following a 0.7% decline in the previous quarter. "Hungary is officially in a recession with its economy contracting for a second consecutive quarter," said Piotr Matys, senior FX analyst at In Touch Capital Markets.
"In the coming quarters economic activity is likely to
remain weak amid tight monetary policy and high inflation that
significantly reduced real income of Hungarian households."
The impact on the forint is limited, Matys added, as it
remains supported by its high yield.
In Romania, a flash estimate showed the economy grew more
than expected in the fourth quarter, while a separate survey
showed inflation eased to 15.07% last month, from over 16%. The
leu , however, slipped 0.1%.
Poland's zloty edged down 0.1% after data showed
the country's gross domestic product rose 2.0% year-on-year in
the fourth quarter compared with a Reuters poll estimate for
growth of 2.2% year-on-year.
Russia's rouble hit its weakest level since
late April, hurt by lower foreign currency revenue inflows from
hydrocarbon exports and a continued recovery in imports as
companies build new supply chains.
The South African rand edged up 0.1%, tracking global
market moves, while Turkey's lira slipped 0.2% against
the greenback amid ongoing turmoil after devastating earthquakes
struck Turkey and Syria last week.
Turkey is planning to restart trading at stock exchange
operator Borsa Istanbul on Wednesday, Bloomberg News reported,
citing an official with direct knowledge of the matter. Equities
trading was suspended on Thursday after a sell-off last week
following the earthquake.
In Asia, Chinese stocks closed slightly higher, while Hong
Kong's Hang Seng slipped, with Sino-U.S. tensions
weighing on risk appetite.
India's embattled Adani Enterprises rose 5.2% on
reporting a quarterly profit versus a loss a year earlier on a
strong performance in its key coal trading division and airports
business.
The Ghanaian finance ministry said its domestic debt
exchange programme closed on Feb. 10 with more than 80%
participation of eligible bonds, taking it a step closer to
securing a $3 billion International Monetary Fund bailout.
(Reporting by Bansari Mayur Kamdar in Bengaluru
Editing by Mark Potter)
