HUNGARY: GDP Softer-Than-Expected as Industry & Agriculture Weigh
Oct-30 08:23
- GDP data came in soft against expectations, flat on the quarter at 0.0% vs. Exp. 0.2%, and higher by 0.6% Y/Y vs. Exp. 1.0%. The release confirmed that GDP rose at the same pace on both a seasonal and calendar-adjusted basis, highlighting that the IT sector helped lead services to a positive contribution to GDP, however negative performance for industrials and agricultural sector weighed on growth. The second reading of the data follows on December 2nd.
- Ministerial focus on pensions continues, with foreign minister Szijjarto stating that pensioners would be "extremely" worse off under a Tisza government next year, highlighting the threat of taxes against pensioners should the opposition win. Szijjarto defended the government's 13th month pension payment plans, and mentioned a 14th month payment also.
- Following the fire and disruption to MoL's refinery on the Danube last week, Orban this morning stated an attack by Ukraine was a possible trigger - although did add that an accident or operational error are also under investigation. Orban confirmed the government are in talks with MoL in order to contain any increase in fuel costs, pressuring the company not to raise prices to replace lost profits.
- At a meeting on November 7th, Orban and Trump are set to sign agreements on energy, defense, economic and financial agreements. Orban noted earlier this week that Hungary was in talks with the US to try and attain exclusions from the latest round of sanctions pressure against Russia - which could impact Budapest via their heavy import dependency on Russian energy.
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SONIA: Basis Trade
Sep-30 08:13
SFIH6 10k at 96.25.
CROSS ASSET: Bunds Off Highs, USD Struggles
Sep-30 08:12
Bund futures tick to fresh session lows around the time that the German regional CPI data points to in line to slightly firmer-than-expected national level data, before stabilising. Initial resistance at 128.82 went untested during the early rally.
- Meanwhile, EUR/USD trades to fresh session highs at 1.1750, with government shutdown risk keeping the greenback on the defensive. Yesterday’s high at 1.1755 is untested.
MNI: GERMANY NRW SEP CPI +0.2% M/M, +2.3% Y/Y
Sep-30 08:08
- MNI: GERMANY NRW SEP CPI +0.2% M/M, +2.3% Y/Y
