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Emerging European stocks tracked other European markets lower in early trade on Tuesday driven by uncertainty over a looming deadline for U.S. tariffs on China, while a pick-up in inflation weighed on the Hungarian forint. Hungarian headline inflation rose to an annual 3.4% in November, slightly above market expectations.. The forint edged 0.1% lower on the day. The forint has lost 3.2% against the euro this year, the region's worst performing currency, as the central bank's loose monetary policy added to global uncertainty over the U.S.-China trade war and Brexit to weigh on the unit.
The Hungarian forint fell 0.3% versus the euro on Monday, giving back some of its early-December gains, as central Europe's worst-performing currency continued to seesaw between record lows and slightly stronger levels. The forint has lost over 3% against the euro this year and hit successive record lows in September and November as Hungary's ultra-loose monetary policy compounded global market volatility over the U.S.-China trade war and Brexit.
** Rivulet Capital, a large investor in Instructure Inc said it will resist the U.S. educational software company's plan to sell itself to private equity firm Thoma Bravo for $2 billion, calling the deal too cheap and too hurried. ** Mexican broadcaster Grupo Televisa has won a federal injunction against Walt Disney Co's acquisition of Twenty-First Century Fox Inc's assets in Mexico, a Televisa representative said, a move that could at least temporarily stall the deal. ** Brazilian wireless carrier TIM Participações SA will consider acquiring the mobile unit of its struggling rival OI SA if it is put up for sale, Chief Executive Pietro Labriola said.
Poland's nationalist Law and Justice (PiS) party announced its governing cabinet lineup on Friday after winning a parliamentary election last month, setting out plans to consolidate control over state-owned utilities and financial companies. Prime Minister Mateusz Morawiecki, a former banker, kept his job, but PiS dissolved the energy ministry formerly led by coal-advocate Krzysztof Tchorzewski, raising questions about the future of Poland's energy policy. The responsibilities for energy and mining companies will be transferred to a new treasury ministry that will oversee billions of euros worth of state assets, led by deputy prime minister Jacek Sasin.