HUNGARY: PM Says Can’t Accept EU Proposal to Halt Russia Oil, Gas Imports
Jun-27 06:53
- Speaking on state radio this morning, Prime Minister Viktor Orban said Hungary is acting in tandem with Slovakia and cannot accept an EU proposal to halt Russian gas and oil imports. "I held talks with the Slovaks yesterday, we are one team with them, we cannot accept the EU proposal that we should not buy Russian oil and gas any more," he said, as per Reuters.
- Hungary’s unemployment rate fell to 4.3% in May from 4.4% in April, against analyst expectations of no change. The number of unemployed fell to 209.7k from 214.9k in April.
- No other economic releases are scheduled for today. PPI, trade balance, manufacturing PMI and industrial production figures are all due next week.
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STIR: Dec BoE Pricing Continues To Show 35-40bp Of Cuts
May-28 06:48
A flat start for GBP STIRs today, with Bunds and Tsys trading around levels seen at yesterday’s SONIA futures settlement window after sub-par demand at a 40-Year JGB auction applied some pressure overnight.
- SONIA futures -1.0 to +2.0, strip twist flattens.
- BoE-dated OIS within 1bp of yesterday’s closing levels, showing 36bp of cuts through year-end, with ~60% odds of the next 25bp cut priced through the end of the September MPC and 29.5bp of cuts priced through November.
- A text covering comments from BoE chief economist Pill will be released today (on the topic of “monetary policy: taking a walk on the supply side”) although don’t expect it to be market moving as the address was given on Thursday of last week.
- A reminder that Pill has already reaffirmed his position at the hawkish end of the BoE spectrum after lodging a dissenting vote earlier this month (to leave rates on hold).
- Macro cues should be at the fore for much of today.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA Rate (bp) |
Jun-25 | 4.221 | +1.0 |
Aug-25 | 4.105 | -10.6 |
Sep-25 | 4.055 | -15.6 |
Nov-25 | 3.916 | -29.5 |
Dec-25 | 3.853 | -35.8 |
Feb-26 | 3.754 | -45.7 |
Mar-26 | 3.742 | -46.8 |
MNI: FRANCE GDP Q1 2ND EST +0.1% Q/Q
May-28 06:45
- MNI: FRANCE GDP Q1 2ND EST +0.1% Q/Q
- FRANCE GDP Q1 2ND EST +0.6% Y/Y
MNI: FRANCE APR CONSUMER SPENDING +0.3% M/M, -0.1% Y/Y
May-28 06:45
- MNI: FRANCE APR CONSUMER SPENDING +0.3% M/M, -0.1% Y/Y
- MNI: FRANCE APR CONSUMER MANUF SPENDING +1.5% M/M, +0.8% Y/Y
