The forint weakened the most among emerging-market peers versus the euro, set for the biggest monthly drop in eight, on speculation Hungary’s continued monetary easing will erode its premium over less risky assets.
Mol Nyrt. dropped to the lowest level in two years after Napi Gazdasag reported Norway’s sovereign wealth fund may review investments in the Hungarian oil refiner embroiled in a corruption probe in Croatia.
Norges Bank Investment Management declines to comment on Napi Gazdasag newspaper report, in line with general policy of refraining from commenting on specific investments, spokeswoman Marthe Skaar says by phone today. * Norway’s sovereign wealth fund may review investments in Hungarian refiner Mol because of fund’s ethics rules, Napi Gazdasag newspaper says, without citing anyone * Fund held EU94.3m in Mol shares at end of 2012: Napi * NOTE: Croatia Issues EU Arrest Warrant Against Mol’s Chairman Hernadi NSN MU08OB6JTSEJ <GO> * NOTE: Mol Vows to Fight Croat Arrest Warrant, Keep Hernadi as CEO NSN MU1BL86KLVS9 <GO>
Emerging-market stocks rose to a five-month high, led by Brazilian shares, after the U.S. Senate crafted an agreement to end the government shutdown and raise the debt ceiling. Mexico’s peso jumped the most in a month.
Hungary is preparing to cut staff levels at budget-funded institutions by 5 percent and at supporting institutions by a further 10 percent, Napi Gazdasag reported, citing Jozsef Feher, secretary-general of the Hungarian Civil Servants Association.