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China c.bank set to leave key rate unchanged on Fri

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Pakistan: Will move towards tapping China bond market in

next FY

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Fitch hikes India's FY24, FY25 GDP growth expectations

By Ankika Biswas

March 14 (Reuters) - Emerging market stocks and

currencies were largely listless on Thursday as investors looked

for more definite signs about the path of global policy easing

cycles, while awaiting the IMF's final review of Pakistan's $3

billion stand-by arrangement.

The MSCI index tracking emerging market stocks

edged 0.2% higher as of 5:00 a.m. ET (0900 GMT), while the

currencies gauge was muted.

Investors keenly await a slew of U.S. economic data,

including producer prices inflation and retail sales, ahead of

next week's U.S. policy decision. Market participants will seek

clues on when interest rate cuts might commence this year, with

bets standing firm for a reduction in June.

Meanwhile, a Reuters survey showed China's central bank is

expected to leave a key policy rate unchanged when it rolls over

maturing medium-term loans on Friday, amid uncertainty over the

timing of expected U.S. rate cuts.

China's Wuxi AppTec's Shanghai and

Hong Kong-listed shares dropped 5.7% and 13.1%, respectively, on

a Washington-based global trade association representing

biotechnology firms' steps to "separate" from the company. The

stock bucked a biotech share rally, fuelled by market talks of

potential policy support for the sector.

Turkish President Tayyip Erdogan will speak at a rally in

the eastern province of Agri (1100 GMT), ahead of nationwide

local elections on March 31. The lira weakened to

32.1255-per-dollar.

The International Monetary Fund will hold a second and last

review of Pakistan's $3 billion stand-by arrangement this week,

during which the country will ask for a new longer-term bailout.

The Pakistani rupee fell, while stocks jumped

1.8%.

Further, Finance Minister Muhammad Aurangzeb in an interview

said Pakistan will be moving towards tapping the China bond

market in the next fiscal year.

In Central and Eastern Europe, Hungary's forint

underperformed its regional peers. It has been the worst hit so

far this year due to a rift between the central bank and

government.

"Both the koruna (Czech crown) and the forint are

on edge from concerns that their respective monetary policies

could become too loose too soon. For the forint, it will be a

more uphill battle to ward off structural concerns about an

already ultra-dovish reputation," Commerzbank FX analyst Tatha

Ghose said.

Hungary will, as of April 1, scrap an interest rate cap,

that has been applied to loans on small and medium businesses

since late 2022, on the back of easing inflation and borrowing

costs.

Elsewhere, ratings agency Fitch raised its estimate for

India's economic growth for this fiscal year and next due to

strong domestic demand and persistent growth in business and

consumer confidence levels, but tempered its view on rate cuts.

HIGHLIGHTS:

** Bank of Korea cautious in final stage of inflation fight

** POLL- Pakistan cenbank expected to hold rates on Monday,

cut in Q2 2024