POLAND: Warsaw Bourse May Seek DM Status, POLGB Sale Eyed
Oct-23 07:31
- Warsaw Stock Exchange (WSE) CEO Tomasz Bardzilowski told Bloomberg that the bourse eyes an upgrade to a developed-market status within three to five years, which could revive interest in stocks and attract more companies. The potential reclassification by MSCI would be the first such move in post-socialist Central and Eastern Europe. Polish stocks have outperformed their EM peers this year, with benchmark blue-chip WIG20 rallying by 50% in USD terms.
- The Constitutional Accountability Committee (ODK) holds another hearing as part of a probe into the conduct of NBP Governor Adam Glapiński. Ex-PFR chief Paweł Borys, ex-BGK chief Beata Daszyńska-Muzyczka, ex-ZBP chief Krzysztof Pietraszkiewicz and NBP Domestic Operations Department chief Krzysztof Senderowicz are set to testify.
- The Ministry of Finance will offer PLN7bn-12bn worth of bonds (series OK0128, WZ0930, PS0131, IZ0831, DS1033 and DS1035) at today's auction. The previous auction on October 15 attracted the highest demand in more than a year amid the recent series of interest-rate cuts and the imminent (October 25) redemption of 2-year bonds worth PLN16bn.
- Onet reported that Law and Justice (PiS) is trying to poach Poland 2050 (P2050) backbenchers as the party remains in disarray. Should 10 out of 31 P2050 MPs jump ship, the ruling coalition would be on the verge of losing control over the Sejm.
- Hungarian PM Orban and his aides accused Foreign Minister Radosław Sikorski of 'war psychosis' after he expressed hope that the Druzhba oil pipeline connecting Hungary to Russia would be destroyed.
- Poland's registered unemployment rate may have edged higher to 5.6% in September from 5.5%, according to Bloomberg consensus. This would be in line with guidance from the Ministry of Family, Labour and Social Policy.
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MNI: RIKSBANK CUTS POLICY RATE 25BP TO 1.75%
Sep-23 07:30
- MNI: RIKSBANK CUTS POLICY RATE 25BP TO 1.75%
EGB SYNDICATION: DDA: 30-year 3.50% Jan-56 DSL: Books in excess of E10bln
Sep-23 07:27
- Guidance: 2.90% Aug-54 Bund + 19.5 to 22.5bps (prelim initial spread guidance was +18.5 to 22.5bps)
- Size: E4.0-5.0bln will be on offer (MNI assume takeup at the top of the target range)
- Books in excess of E10bln
- Maturity: 15 January 2056
- ISIN: NL0015002P70
- The preliminary initial spread guidance is 2.90% Aug-54 Bund + 18.5 to 22.5bps.
- Books will open at 9:00BST / 10:00CET
- MNI expect books to close between 10:00BST / 11:00CET and 11:00BST / midday CET.
FRANCE DATA: PMIs miss expectations; political uncertainty and prices both weigh
Sep-23 07:21
The French September flash PMIs came in lower than expected for all: Services at 48.9, 0.7 points below consensus (49.6 consensus, 49.8 prior) and 2.0 points below consensus for manufacturing at 48.1 (50.1 consensus, 50.4 prior), composite output 48.4, 1.3 points below consensus (49.7 consensus, 49.8 prior). Political uncertainty was cited as a concern by many, but prices were also notable for being lower across both inputs and outputs with the first fall in output prices since May.
- "Private sector business activity fell at the quickest rate in five months."
- "Subdued customer demand was noted as a drag on activity levels in both sectors, with survey data signalling a sixteenth successive reduction in total new orders."
- "In some cases, panel members attributed lower client interest to domestic political uncertainty. Export conditions remained unsupportive, although the rate of contraction in new export business slowed fractionally since August to its weakest for three months."
- "Political turbulence in France led some panellists to lower their expectations for business activity, while others foresee challenging demand conditions and competitive pressures as risks to the outlook."
- Input costs at a 5-month low.
- "Both manufacturers and service providers recorded weaker rises in operating expenses."
- "As for prices charged, both sub-sectors were aligned with discounting in September amid reports of strong competition. At the composite level, this marked the first month of lower selling prices since May."
