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Czech Koruna, Stocks Rally for Fourth Day After Chinese Rate Cut

The koruna strengthened for a fourth day and Czech stocks had the longest rally in four months as China’s interest-rate cut fueled speculation other policy makers will also take steps to spur economic growth.

The Czech currency added 0.5 percent to 25.333 per euro by 4:40 p.m. in Prague, taking this week’s advance to 1.8 percent. Komercni Banka AS’s 4 percent jump led the PX equity index up 1.3 percent, a fourth day of gains and the longest winning stretch for the benchmark since Feb. 6.

Global stocks rallied while German bonds fell as investors moved from safe havens to riskier assets after China cut rates and Spain sold more debt than planned. Poland’s zloty gained 1.4 percent against the euro, leading emerging currencies higher. Czech industrial output expanded more than analysts estimated in April, the statistics office in Prague said yesterday.

“Central European currency markets have been moved today by the ongoing wave of optimism in global markets,” Jan Vejmelek, chief economist at Komercni Banka AS in Prague, wrote in an e-mail to clients. “Investors optimism also showed in the Czech yield curve.”

Czech domestic bonds declined, lifting the 10-year generic yield compiled by Bloomberg 15 basis points, or 0.15 percentage point, to 3.25 percent. The yield tumbled 49 basis points this year through yesterday to the lowest since September 2011 as investors sought refuge from Greece’s and Spain’s debt crisis in higher-rated government debt.

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