EMERGING MARKETS-Respite for shares, Brazil's real after torrid week
* Brazil's real stabilises after c.bank intervention vow * EM stocks index sees second biggest weekly fall of year * Pressure expected to return soon as Fed talks up rate hikes * China stocks see small weekly fall by their standards By Marc Jones LONDON, Sept 25 (Reuters) - Alarm bells were ringing in emerging markets on Friday as shares trudged to their second worst week of the year and Brazil, Turkey and South Africa's currencies were all near record lows. There was a consolation 0.7 percent rise on the day for MSCI's benchmark EM index but there were few cheers after a near 5 percent plunge this week which has taken its losses since April to an eyewatering 27 percent. Brazil's real which has been battered particularly hard this week by mounting political and economic, was steadier after the country's central bank vowed to defend the currency with every weapon it has. It had sparked a relief rally for South Africa's rand , Mexico's peso and Turkey's lira which have all hit all-time lows this week, but analysts suspected it would only prove temporary. Particularly as Federal Reserve Chair Janet Yellen had said on Thursday the bank remained on track for its first interest rate hike in almost a decade later this year, something likely only to add to the EM world's woes.. Malaysia's ringgit and Indonesia's rupiah both fell to their lowest levels since the Asian financial crisis in 1998 in response, while the Singapore dollar stayed around a six-year trough on disappointing August output data. "We have had a big emerging market sell-off this week especially because of contagion from Brazil where the real was in freefall before the intervention yesterday from the central bank," said Bernd Berg at Societe Generale in London. "You saw a relief rally from this intervention... But we believe it is only going to be temporary because the situation is very negative for many emerging markets with China concerns, global concerns and uncertainty about the Fed." Slumping commodity prices, the threat of rising U.S. interest rates, exacerbated in some cases by ugly national politics, have whipped up a near perfect storm for emerging markets this year. The latest investment fund flow data showed the near-three month exodus from EM equities had extended and bond fund outflows reached a ninth straight week, although both were now more of a trickle than the gush of recent weeks. China's shares fell 1.6 percent on Friday but it came after a remarkably quiet week by their recent standards. A 1.5 percent rise meant central and eastern European stocks were the day's best EM performers. However, for the week they have been some of the worst having been slammed over 5 percent by the crash in European car shares. Volkswagen the company at the centre of a scandal over emissions tests cheating makes a large number of cars and parts in countries like Slovakia, the Czech Republic and Poland. Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 791.68 +6.00 +0.76 -17.22 Czech Rep 957.50 +6.28 +0.66 +1.14 Poland 2103.32 +20.37 +0.98 -9.18 Hungary 20797.41 +186.65 +0.91 +25.03 Romania 7187.91 +66.85 +0.94 +1.48 Greece 673.69 +5.87 +0.88 -18.46 Russia 786.46 +17.08 +2.22 -0.54 South Africa 45015.19 -46.86 -0.10 +2.38 Turkey 74610.20 -383.51 -0.51 -12.96 China 3091.81 -50.88 -1.62 -4.42 India 25863.50 +40.51 +0.16 -5.95 Currencies Latest Prev Local Local close currency currency % change % change in 2015 Czech Rep 27.19 27.25 +0.24 +1.72 Poland 4.21 4.22 +0.20 +1.68 Hungary 314.39 313.69 -0.22 +0.66 Romania 4.41 4.42 +0.18 +1.59 Serbia 119.80 119.88 +0.07 +1.29 Russia 65.68 66.13 +0.69 -11.62 Kazakhstan 270.00 268.85 -0.43 -32.31 Ukraine 21.60 21.29 -1.46 -27.00 South Africa 13.76 13.84 +0.57 -15.93 Kenya 105.00 105.40 +0.38 -13.95 Israel 3.94 3.91 -0.54 -1.15 Turkey 3.04 3.04 +0.09 -23.15 China 6.37 6.38 +0.13 -2.65 India 66.06 66.10 +0.06 -4.59 Brazil 3.93 3.94 +0.13 -32.41 Mexico 16.83 16.87 +0.23 -12.39 Debt Index Strip Spd Chg %Rtn Index Sov'gn Debt EMBIG 451 -8 .03 6 63.85 1 All data taken from Reuters at #N/A The record could not be found GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. For GRAPHIC on emerging market FX performance 2015, see link.reuters.com/jus35t For GRAPHIC on MSCI emerging index performance 2015, see link.reuters.com/weh36s For GRAPHIC on MSCI emerging Europe performance 2015, see link.reuters.com/jun28s For GRAPHIC on MSCI frontier index performance 2015, see link.reuters.com/zyh97s For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see )
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