Stocks steady, Czech crown strengthens after inflation data
Updated at 0850 GMT
Czech, Romanian inflation both stronger than expected in July
Reuters reports billions in dollar and euro notes reach Russia
Shekel falls as Hamas casts doubt on ceasefire talks
Adani Group shares slip after Hindenburg report
By Lisa Pauline Mattackal
Aug 12 (Reuters) -Emerging market stocks broadly rose on Monday as attention shifted to key data later in the week for clues on global economic growth, while the Czech crown strengthened against the euro after stronger than expected inflation data.
MSCI's index of emerging market stocks .MSCIEF gained 0.4%, while the broader EM .MIEM00000CUS currency index was little changed against the dollar as investors awaited U.S. inflation and retail sales data later in the week for signals on growth in world's largest economy.
Meanwhile, both Czech and Romanian consumer price inflation increased more than forecast in July. Czech inflation rose 0.7% on a monthly basis and 2.2% year-on-year, while Romanian inflation was 5.42% on an annual basis.
The crown EURCZK= strengthened to a more than one-month high of 25.162 against the euro, while the Romanian leu EURRON= was little changed.
The euro also weakened about 0.1% against Hungary's forint EURHUF=, which touched a two-week high.
"Conditions for CEE FX have improved significantly in recent days ... we are gradually turning bullish on the entire region," said Frantisek Taborsky, EMEA FX and FI strategist at ING.
"After a significant rally in core rates in July, little is needed to support CEE FX."
Retail sales and industrial production figures are also due from China later this week. Chinese stocks .SSEC underperformed most other Asian bourses, losing 0.1%.
Emerging market assets have broadly recovered from last week's sharp selloff, sparked by concerns about growth in both the U.S. and China, and the week's upcoming data will likely test whether risk sentiment has truly recovered.
Geopolitical risks also remained firmly on the radar.
Russia's rouble RUB= fell nearly 2% against the dollar as Ukraine increased military activity near the border, days after its biggest incursion into sovereign Russian territory since the start of the 2022 war. Ukraine's currency UAH= weakened nearly 0.7%.
Israel's shekel ILS= weakened 0.9% against the dollar after rising for three straight sessions. Palestinian militant group Hamas on Sunday cast doubt on its participation in negotiations on a Gaza ceasefire deal.
Elsewhere, Turkish stocks .XU100 rose 1%, with its banking index .XBANK jumping 1.7% after six straight sessions in the red. The lira TRYTOM=D3 weakened 0.2% against the dollar.
Data showed Turkish unemployment rose to 9.2% in June.
Elsewhere, India-listed shares of Adani Group companies slid, but later pared losses after Hindenburg Research accused the head of India's market regulator probing the group of having links to offshore funds also used by Adani. Flagship firm Adani Enterprises ADEL.NS was last down 1.5%.
Indian inflation data is expected later in the day.
HIGHLIGHTS:
** EXCLUSIVE: Billions in dollar and euro notes reach Russia despite sanctions
** China's bond market rattled as central bank squares off with bond bulls
** South Africa battles to fund vital grid upgrade for green energy
For TOP NEWS across emerging markets nTOPEMRG
For CENTRAL EUROPE market report, see CEE/
For TURKISH market report, see .IS
For RUSSIAN market report, see RU/RUB
For GRAPHIC on emerging market FX performance in 2024 http://tmsnrt.rs/2egbfVh
For GRAPHIC on MSCI emerging index performance in 2024 https://tmsnrt.rs/2OusNdX
Reporting by Lisa Mattackal in Bengaluru; Editing by David Holmes
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