CZECHIA: Vote On "Lex Babis" Postponed As Opposition Resorts To Obstruction Again

May-19 11:07

The Chamber of Deputies did not get to vote on an amendment tightening the rules on media ownership by politicians, which the main opposition ANO party claims is targeting its leader Andrej Babis. The business tycoon and former Prime Minster is estimated to own almost a third of the Czech media industry, including two major newspapers (Lidove Noviny and Mlada Fronta Dnes), which repeatedly provoked allegations of skewing the public debate.

  • The lower house held an extraordinary session today to discuss the legislation but failed to advance to a vote after ANO lawmakers delivered a marathon of speeches. They spent most of the time criticising the government's fiscal consolidation package, despite calls from the presidium to stick to the agenda of the meeting.
  • The meeting was adjourned after ANO asked for a break for a meeting of their parliamentary caucus. Seznam Zpravy reports that the earliest when the Chamber of deputies could vote on the law is June 14.
  • This was not the first time when the opposition used parliamentary obstruction, which has become an increasingly common practice in Czechia. Earlier this year, ANO and SPD tried to filibuster a debate on pension indexation and signalled that they could use the same measures to hinder legislative works on the government's austerity package.

Historical bullets

US MBA: REFIS -6% SA; PURCH INDEX -10% SA THRU APRIL 14 WK

Apr-19 11:00



  • US MBA: REFIS -6% SA; PURCH INDEX -10% SA THRU APRIL 14 WK  
  • US MBA: UNADJ PURCHASE INDEX -36% VS YEAR-EARLIER LEVEL
  • US MBA: 30-YR CONFORMING MORTGAGE RATE 6.43% VS 6.30% PREV 

MNI: US MBA: MARKET COMPOSITE -8.8% SA THRU APR 14 WK

Apr-19 11:00



  • MNI: US MBA: MARKET COMPOSITE -8.8% SA THRU APR 14 WK

OUTLOOK: Price Signal Summary - Gilt Crack The 100.00 Handle

Apr-19 10:52
  • In the FI space, Bund futures maintain a bearish tone and the contract is trading lower today. Recent weakness has resulted in a break of the 20-day EMA, at 135.36, and key short-term support at 134.70 has been cleared, the Mar 31 low. The continuation lower has opened 132.70, a Fibonacci retracement. A move above 138.09, the Apr 6 high, is required to reinstate the recent bullish theme. Initial firm resistance is seen at 135.36.
  • A short-term bearish theme in Gilt futures remains in play. The contract has breached support at 102.74, the Mar 20 low and bear trigger. The break lower has also resulted in a move through 102.00 and this opens 101.12, 76.4% of the Feb 28 - Mar 20 rally. 102.12 has been pierced, a clear break would strengthen the bearish case. On the upside, initial firm resistance is seen at 102.37, yesterday’s high ahead of 103.40, the 20-day EMA.