ESR: iShares MSCI Emerging Markets Eastern Europe Index ETF Market Currents

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Monday, December 31, 2012, 12:01 PM More details on iShares' ETF fee hikes: Going to 0.69% from 0.68% (a 1.5% hike) is its Emerging Markets Eastern Fund Europe (ESR). Comment! [Global & FX]
Thursday, March 29, 2012, 12:05 PM With risk poking its head out again, emerging market currencies slide, led today by South Africa's rand (SZR) and the Hungarian forint. Both country's kept interest rates on hold last night, with South Africa's central bank sounding a bit dovish. Also hit are the Mexican peso (FXM) and India's rupee (ICN) 1 Comment [Global & FX]
Friday, March 16, 2012, 11:01 AM "Hungarians will not live as foreigners dictate," says PM Orban at a rally, responding to EU threats to halt aid if the country doesn't do as it says. Among the requests is for Hungary to change the oath of office for central bankers to reflect their role as part of the EU. One sign in the crowd: "Colonization:1956 Soviet Tanks, 2012 Western Banks." 2 Comments [Global & FX]
Tuesday, March 13, 2012, 4:01 AM EU ministers may freeze €495M ($651M) in development aid to Hungary after the country failed to narrow its budget deficit in a "sustainable" manner. The move, up for vote today, would affect 29% of Hungary’s share of so-called EU cohesion funds. Comment! [Global & FX]
Tuesday, January 24, 2012, 8:29 AM Eurozone finmins take the next step towards financial sanctions on Hungary, endorsing the EC view that the country only achieved a deficit/GDP ratio below 3% with a series of one-off measures. The EC can now withhold up to 100% of EU "cohesion funds" from Hungary, but will give Budapest until year's end to alter its course. Comment! [Global & FX]
Tuesday, January 24, 2012, 2:32 AM Hungary's central bank meets later today and is expected to raise what is already the EU's highest benchmark interest rate. The country is trying to boost local assets while working to revive bailout talks with the IMF. Economists expect a 50 bps increase to 7.5%. Comment! [Global & FX]
Friday, January 20, 2012, 4:27 AM Hungary will abandon its controversial plan to merge its central bank and its financial markets regulator, says PM Viktor Orban, giving in on a key point of conflict with the EU that had threatened to block an aid deal. Comment! [Global & FX]
Wednesday, January 18, 2012, 6:44 AM Danske Bank's Lars Christensen says the EU is not bluffing and will let Hungary go bankrupt to make an example of it. The country must repay a €5.9B EU/IMF loan this year, plus raise funds equal to 18% of GDP. Also, most household debt is denominated in Swiss francs, leading to a viscous circle as the forint slides. Comment! [Global & FX]
Tuesday, January 17, 2012, 11:57 AM The European Commission opens legal action against Hungary concerning recently passed laws that allegedly threaten the independence of government agencies, including the central bank. Negotiations are next, with the threat of a lawsuit in the European Court of Justice if the EC's objections aren't resolved. Comment! [Global & FX]
Wednesday, January 11, 2012, 12:21 PM The EU is set to recommend sanctions against Hungary for not doing enough to bring its deficit below 3% of GDP. This sets in motion the next stage of the Excessive Debt Procedure at which the country could be shut out of the EU cohesion fund. For the record: 23 of 27 EU states are running deficits above 3%. 3 Comments [Global & FX]
Tuesday, January 10, 2012, 9:45 AM In full backpedal mode now, Hungary says it's ready to modify recently passed laws if necessary to secure bailout funding from the EU/IMF. Talks broke off recently over concerns the government was infringing on its central bank's independence. A sliding forint and failed bond auction has forced a change of thought in Budapest. Comment! [Global & FX]
Friday, January 6, 2012, 8:10 AM Hungarian bonds and the forint are rallying back from crisis levels as PM Orban says it's in the country's interest to get assistance from the IMF and pledges to cooperate with the central bank. A new law compromising the bank's independence caused baiout talks to break off last month. Comment! [Global & FX]
Thursday, January 5, 2012, 5:48 AM The Hungarian government says the country is "not close" to defaulting, but signals again its willingness to negotiate a standby loan with the IMF, easing its stance on the kind of IMF agreement it would find palatable. (previously) Comment! [Global & FX]
Wednesday, January 4, 2012, 7:10 AM The forint falls to an all-time low vs. the euro as a EU/IMF rescue package for Hungary looks unlikely before the second half of the year. Talks recently broke off as the government moved forward with a new law stifling central bank independence. Adding to the woes, Linda Yueh reports the government rejected all bids at its bond auction today. Comment! [Global & FX]
Friday, December 30, 2011, 9:19 AM Poland's central bank is rumored to have intervened in the foreign exchange markets to prop up the zloty for the 2nd straight day (the bank has confirmed it intervened on Thursday). Thus far, Poland's finances have been spared much of the concern hitting the PIIGS and its eastern European neighbors such as Hungary. PLND -35% YTD. Comment! [Global & FX]
Friday, December 30, 2011, 8:11 AM The Hungarian parliament passes a law stripping its central bank of much of its independence, setting up a showdown with the IMF/EU which has signaled it could walk away from a bailout if the law were enacted. PM Viktor Orban says a rescue package would be nice, but the country will be fine without it. The Hungarian Central Bank: "(The law) seriously undermines our country's interests." 2 Comments [Global & FX]

ESR iShares MSCI Emerging Markets Eastern Europe Index ETF

ESR

iShares MSCI Emerging Markets Eastern Europe Index ETF