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Forint Sinks to Record Low With Eastern EU Assets Under Pressure

  • Russia risk, global recession fears roil region’s markets
  • Government bonds, stocks extend drops from earlier this week
Central and eastern European markets have been among the most badly hit by Russia’s invasion of Ukraine.

Central and eastern European markets have been among the most badly hit by Russia’s invasion of Ukraine.

Photographer: Akos Stiller/Bloomberg

The forint led a slump in eastern European financial markets as worries over the fallout from Russia’s aggression in Ukraine were amplified by concerns of a looming global recession.

Hungary’s currency tumbled 2.2% to 421.76 against the euro, a new record low, while Poland’s zloty slid as much as 1.5%. The two were the worst performers among emerging-market currencies on the day. Warsaw’s WIG20 index declines in the region’s stocks, while the yield on Hungary’s five-year local-currency bonds firmed above 10%.