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Global Markets News
* MSCI's EM stocks index rises after two days of falls * * Bank of Mexico seen hiking key rate by 25 bps on Thursday By Shreyashi Sanyal The MSCI's index for EM equities rose 0.6% after
two-straight days of declines, with Investors took comfort from a deal for First Citizens BancShares to buy Silicon Valley Bank's (SVB) assets. The deal, which was backed by U.S. authorities, soothed worries about the banking sector following the largest bank collapse since the 2008 financial crisis and turmoil in the European banking sector. "Risk sentiment recovered yesterday as markets appeared
calmer about the health of European lenders which had generated
a sell-off on Friday," said ING strategist The MSCI's index is set for a quarterly gain of 1.3%, which will mark its second-straight quarterly rise. However, the overarching theme of rising interest rates, fears over growth and the banking sector have dulled the broader upbeat picture for developing economy assets that saw them come into favour in the final months of last year and the start of 2023. The dollar eased on the day, giving way for EM currencies to
gain. Market participants also awaited a decision from the National Bank of Hungary (NBH), which is widely expected to keep its base rate steady at 13%. Analysts have also pared back rate cut views by the end of 2023 amid high inflation and the banking sector problems. The forint firmed 0.2% at around 384 against the
euro, with data showing "We expect rates to remain unchanged, in line with market
surveys, and a hawkish tone... the forint's return to the Later in the week, the Bank of Mexico is expected to moderate the pace of its monetary tightening, and hike the benchmark interest rate by 25 basis points on Thursday as inflation has shown signs of cooling. For GRAPHIC on emerging market FX performance in 2023, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2023, see https://tmsnrt.rs/2OusNdX For TOP NEWS across emerging markets For For TURKISH market report, see For RUSSIAN market report, see
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by
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