Reuters: US Dollar Report: EMERGING MARKETS-China leads stocks lower, forint lags

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EMERGING MARKETS-China leads stocks lower, forint lags Apr 26th 2013, 10:21 LONDON, April 26 | Fri Apr 26, 2013 6:21am EDT LONDON, April 26 (Reuters) - Emerging stocks fell on Friday but were still set to end the week up more than 1 percent, helped by a slight rebound in commodities and assuming robust data from the United States. The emerging equity benchmark slipped 0.2 percent on the day, with Chinese shares the main drag after weaker-than-expected gross domestic product (GDP) data on Monday. But the index stayed at near four-week highs and was heading for a 1.4 percent gain on the week. Chinese shares fell 1 percent. World markets are now waiting for U.S. data which is expected to show the economy grew at an annualised 3 percent rate in the first quarter.. They have also been lifted by expectations the European Central Bank will cut interest rates next week. Oil prices have rebounded from falls below the $100 per barrel mark and metal prices have also risen, helping some commodity-reliant markets such as Russia and South Africa. "Chinese GDP is much lower than in recent years but growth of 7-8 percent is still pretty impressive and China remains one of the growth drivers for the global economy," said Thu Lan Nguyen, emerging market strategist at Commerzbank. The rouble gained 0.5 percent on the day, staying just off two-week highs. Moscow's dollar-denominated equity index was down on the day but was headed for its biggest weekly gain since January due to the commodity bounce. The Hungarian forint fell to three-week lows, extending losses after the central bank cut rates on Tuesday. The zloty fell 0.1 percent on the day, holding at two-week lows on expectations the central bank might cut rates further after news this week that its bank governor cast the decisive vote for a cut in March. "(The) market has priced in another 75 basis point cut (over) the next nine months on weak economic data and inflation," SEB said in a note. Emerging market dedicated equity funds saw large outflows of $2.1 billion in the week to 24 April, according to EPFR data. Emerging bond funds however enjoyed steady inflows $0.6 billion. Link this Share this Digg this Email Reprints

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