BANCI | ENGLISH

Raiffeisen Research: CEE Weekly Bond Markets Outlook

Autor: Bancherul.ro
2011-04-15 20:57

Inside the CEE Weekly Bond Market issue (SEE the document attached):

Poland – The decision to raise interest rates by 25bp and especially the hawkish wording thereafter helped EUR/PLN to strengthen towards 3.95. The monetary council seems to favour more monetary tightening in the coming months, supporting our interest rate outlook of 4.5% by year-end 2011. Latest CPI data was above consensus estimate at 4.3% yoy sparking discussion about a possible 50bp interest rate hike in May.

Hungary – CPI inflation for March (4.5% yoy) surprised on the upside, due to rising energy and food prices. It is still an open question how the price increases will spill over to other products in the coming months. The Monetary Council members should press the hold button next Monday and the following months as well, while monitoring price developments in the upcoming period.

Czech Republic – The government coalition fell into a deep crisis. Prime Minister Petr Necas of the Civic Democrats (ODS) proposed that President Klaus should dismiss Public Affairs party (VV) ministers Radek John (interior, VV chair) and Josef Dobes (education), Minister Barta resigned and a resignation was offered by Minister Alexandr Vondra (defence, ODS).

Romania – The monthly inflation rate was high in March (+0.6% mom), coming in above market expectations (+0.4% mom in the Reuters poll), with higher food prices (+1.2% mom) and fuel prices (+2.3% mom) as the main drivers. Leu appreciation pushed down phone tariffs (-1.8% mom), thereby limiting the advance in the overall CPI. The annual rate of inflation climbed to 8% yoy in March.

Croatia – Consumer price growth continues to accelerate: in March, prices rose 2.6% yoy and 0.8% mom, pushed mainly by cost inflation, while domestic demand remains slack. Apart from components directly linked to higher oil prices, the strongest driver of inflationary pressures is food and beverages. In the months ahead, we expect further acceleration of consumer price growth.

Russia – The IMF experts forecast Russia’s fiscal deficit to narrow to 1.6% of GDP this year. The original budget law for 2011 puts the deficit at 3.6% of GDP. Earlier, Russia’s finance minister expressed similar optimism expecting the budget deficit to drop to 1.0-1.4% of GDP, provided that the oil price remains at 105 USD/bbl. Rouble market profit-taking was mainly linked to bearish European stock markets and the desire of local stock market players to cash profits. However, we expect the market correction to be short-lived.

Turkey – Next Thursday on April 21, the central bank will hold its next monetary council meeting and decide on the benchmark rate, which is currently 6.25%. We think that the rate will be left unchanged. In addition, the term of central bank governor Yilmas ends quite soon, on April 18. Turkish president has already approved the nomination of CBT deputy head Erdem Basci as a successor. Basci is seen as a good choice and we do not expect much change in monetary policy. Markets did not react much to the nomination.

Fisiere (1)

Download 1104152104_Raiffeisen_CEE_Bond_Market_Outlook_15Apr11.pdf

Comentarii

Adauga un comentariu

Adauga un comentariu folosind contul de Facebook

Alte stiri din categoria: ENGLISH

Merger of Alpha Bank and UniCredit Bank Romania

Press Release: "Alpha Services and Holdings announces a strategic partnership with UniCredit in Romania Merger of Alpha Bank Romania and UniCredit Bank Romania and creation of third largest bank in Romania by total assets, with Alpha Bank retaining a detalii

National Bank of Romania (NBR) Board decisions on monetary policy

NBR Board decisions on monetary policy In its meeting of 4 April 2023, the Board of the National Bank of Romania decided: • to keep the monetary policy rate at 7.00 percent per annum; • to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per annum; • to keep the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions. The annual inflation rate went down to 15.52 percent in February 2023, from 16.37 percent in December 2022, relatively in line with forecasts. The decrease was mainly driven by the sizeable drop in the dynamics of fuel and detalii

ING posts 2022 net result of €3,674 million, dividend of €0.389 per share

ING press release: ING posts FY2022 net result of €3,674 million,
proposed final 2022 dividend of €0.389 per share

4Q2022 profit before tax of €1,711 million; CET1 ratio remains strong at 14.5%
•
Profit before tax up 29% on 4Q2021 and 24% on 3Q2022, mainly driven by higher income
•
Higher net interest income, as a further increase in liability margins helped offset TLTRO impact this quarter
•
Risk costs declined to 17 bps of average customer lending

Full-year 2022 net result of €3,674 million, supported by growing customer base and increase in lending and deposits
•
On a full-year basis, our primary customer base grew by 585,000 detalii

BT Financial Results as at 30 September 2022

BT Financial Results as at 30 September 2022 Banca Transilvania – sustained growth in customers and operations during the first nine months of the year "We continued our robust growth in the number of clients and transactions, with a dynamic well above the market average. We have been growing steadily and continued financing companies and individuals, despite the fact that the financial market is more fraught with uncertainty than ever and
the funding costs and capital requirements are additional factors driving the uncertainty in the economy. We remain committed to our objective - to be the main supporter of the economy and of the state for the development of Romania", states Mr. Ӧmer Tetik, Chief Executive detalii

Vezi toate stirile

10.11.2024

1 EUR = lei
1 USD = lei

Sursa BNR

Profil de Bancher

Laura Mihai, director directia corporate
CEC Bank

... vezi profil

Toate Profilele

Profil de Banca

EximBank

vezi detalii

Toate Bancile

Filmul Parking, un cliseu plictisitor

Toate stirile

ING Bank

Toate stirile

Ultimele Comentarii

Bancnote vechi
Numar de ... detalii
Bancnote vechi
Am 3 bancnote vechi:1-1000000lei;1-5000lei;1-100000;mai multe bancnote cu eclipsa de ... detalii
Schimbare numar telefon Raiffeisen
Puteti schimba numarul de telefon la Raiffeisen din aplicatia Smart Mobile/Raiffeisen Online, ... detalii
Vreau sa schimb nr de telefon
Cum pot schimba nr.de telefon ... detalii
Eroare aplicație
Am avut ora și data din setările telefonului date pe manual și nu se deschidea BT Pay, în ... detalii

Nume	*
E-mail	*
E-mail prieten	*
Mesaj
Cod validare	*
	Tastati codul din imagine (doar cifre)
	195.154.184.126