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CEMEA Market Snapshot: EMFX Finds Some Reprieve, Rates Mixed

EMERGING MARKETS
  • EM FX catching a bid on the back of a softer USD and more favourable risk conditions today.
  • ZAR leads, followed by TRY, with RUB lagging behind. Yields are mostly mixed across the rates space today, with USD denominated bonds underperforming, while stocks also exhibit varied performance across the board.
  • Commodities also trade mixed, with oil slipping -0.54% into the red while gold (+0.04%) and platinum (+0.93%) trade on the firmer side.

  • SA: SAGBs trade bull flatter on the day with 15-30Y yields -2-2.3bp lower, while 2Y yields lift +1.6bp. ZAR stands +0.91% firmer vs the USD having moved through 15.00 support, while stocks wither at -0.59% for the day.
  • RUSSIA: OFZs continue to weaken across the curve alongside USD bonds. The OFZ curve trades +5-9bp higher across the breadth with a slight bear steepening bias as covid cases create cause for concern.
    • RUB lags the pack on the FX side after being the top performer in September – with a headline about record covid cases causing a sell-off that has been mostly pared. MOEX trades firmer at +0.5%, despite softer oil markets.
  • TURKEY: TurkGBs trade firmer across the curve with 3Y yields -15bp and the 5-10Y section -3bp lower. USD bonds, however, remain under pressure with yields up +3.4-5.4bp with the 5-7Y portion of the curve most offered.
    • Turkey's XU 100 index trades flat on the day (-0.04%) – now flirting with 1400 resistance after finding support at 1395
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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