Review
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Polish September inflation surprised yesterday on the downside, coming out at 3.9% y/y (vs 4.1% y/y consensus expectations and down from 4.3% y/y in August). The outcome was, however, perfectly in line with our estimate for September.
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The Lithuanian current account deficit deteriorated further in August, reaching LTL235.6m, up from LTL215.3m in July. The current trend was contrary to our expectations as we had expected to see a minor surplus for the month. Behind the numbers is near nil reduction in the foreign trade deficit and loss of services and current transfers balance surplus.
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On Thursday Polish Prime Minister Donald Tusk said that the present coalition government consisting of Tusk’s Civic Platform (PO) and the Peasant Party (PSL) will continue and Tusk at the same time ruled out a formal coalition with the “newcomer” in Polish politics the libertarian leaning Palikot Movement. So it is business as usual in terms of the Polish government and there will only be changes in terms of key ministers. Finance Minister Jacek Rostowski is likely stay on as Poland’s economic strongman.
Preview
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Hungarian industrial production is on the EMEA calendar menu today, which will otherwise be a rather slim day in terms of key, market moving data. Again, the market sentiment in the EMEA space remains closely tied to the general risk sentiment in the global markets.
Publications: EMEA Daily merges into FX Hotpicks
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Effective from Monday October 17 we will merge EMEA Daily into FX Hotpicks. Therefore, in future our Daily EM coverage will be published in FX Hotpicks. If you want to receive FX Hotpicks please contact your sales person at Danske Markets. This edition of the EMEA Daily will consequently be the last one.
