POLAND: Duda's Legislative Proposals Fan Conflicts, EU Commission Launches Infringement Procedure
Jun-08 11:15
Sources from Poland's governing Law and Justice party told Onet that their sense is that President Andrzej Duda bowed under pressure from public opinion as he proposed amendments to the law creating a special commission to investigate Russian influence in the country. The party is yet to decide on how to proceed, but Newsweek sources said that its top brass are leaning towards launching the commission according to the original timeline without summoning opposition politicians.
- The European Commission confirmed this morning that it has opened an infringement procedure against Poland for violations of EU law. The Commission deems the Russian influence probe to unduly interfere with the democratic process and has given Poland 21 days to reply to its letter of formal notice.
- Duda's other legislative initiative, a draft bill on cooperation between different Polish authorities during the country's upcoming EU presidency, also has the potential to ignite political conflict. The bill announced in a special address to the nation earlier this week would significantly expand the President's prerogatives in EU policy.
- Some see the draft bill is seen as the President's insurance policy in case Law and Justice loses this year's parliamentary elections. Such a scenario would involve cohabitation at least until 2025 when Duda's term expires, raising the prospect of hostility between the Cabinet and the Presidential Palace.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EQUITIES: Large EU Bank stock option trades again
May-09 11:05
SX7E (16th June) 110c, bought for 0.60 in 6k. Total 42.75k.
LIBOR: US FIX - 09/05/23
May-09 10:57
- US00O/N 5.06143 0.00157
- US0001M 5.10571 0.00128
- US0003M 5.33914 0.00228
- US0006M 5.38986 0.03700
- US0012M 5.29800 0.09829
OUTLOOK: Price Signal Summary - Recent Pullback In Bunds Considered Corrective
May-09 10:49
- In the FI space, Bund futures trend conditions remain bullish and the recent pullback still appears to be a correction. A resumption of gains would open 137.55, the 61.8% retracement of the Mar 20 - Apr 19 bear leg. Clearance of this level would expose 138.09, the Apr 6 high. On the downside, initial firm support is at 135.21, Monday’s low. An extension lower would signal scope for weakness towards 134.35, the May 2 low.
- Gilt futures maintain a short-term bullish tone despite the most recent pullback. Resistance at the 20-day EMA which intersects at 101.84, has been breached and a resumption of gains would open 102.63, 38.2% of the Mar 20 - Apr 19 bear leg. A break of this retracement would strengthen bullish conditions. On the downside, key support and the bear trigger to watch is at 99.73, the Apr 19 low. A break would resume the downtrend that started Mar 20.
