Equities: PKN will release its results on April 27th
|Regional Overview
Macro, FX & Rates: CE currencies in bearish mode
(CZK, HU & PL) FX: All Central European currencies weakened yesterday. While the Czech koruna briefly touched the former intervention level (EUR/CZK 27.00), the EUR/HUF temporary climbed above 314 but for this morning EUR/HUF has rebounded near to 313.30. Also the Polish zloty failed to react (positively) to very strong macro figures for March (see below).
(PL) Macro: As expected yesterday releases of the Polish macro figures were very strong and support the bullish view on the GDP growth in the first quarter. While industrial production climbed by 11.1% y/y, retail sales grew by 9.7% y/y.
Equities: PKN will release its results on April 27th
(PL) PKN: Company will release its 1Q17 figures on 27th April, B/Mkt (see enclosed). Although we expect another solid quarter, numbers will be boosted by many one – offs namely (FCC payment at USD 40mn linked to Unipetrol, positive LIFO effect between PLN 400 – 500mn and positive effect from PLN strengthening at roughly PLN 420mn). Considering current high valuations (25% above 5Y avg) of the company, we expect any positive effect to be rather limited.
(PL) BANKS: Nine listed Polish banks have posted PLN 2.05 bln in aggregate net profit in 1Q17, down 23% y/y and down 25% q/q, despite interest earnings rising 13% and F&C income up 9%, with the decline due to a change of the way of booking payments to the Banking Guarantee Fund according to daily Parkiet.
Daily preview: Zloty should watch S&P’s rating review
(PL) Macro: The S&P should release rating sovereign rating review of Poland. The country holds currently BBB+ rating with a stable outlook. No change is expected.
| LAST | PREVIOUS | CHANGE (%) | |
| EURCZK | 26.91 | 26.91 | 0.00 |
| EURHUF | 312.9 | 312.9 | 0.00 |
| EURPLN | 4.256 | 4.256 | 0.00 |
| LAST | PREVIOUS | CHANGE (bps) | |
| CZGB 10Y | 0.863 | 0.863 | 0.0 |
| HUGB 10Y | 3.27 | 3.27 | 0.0 |
| PLGB 10Y | 3.37 | 3.37 | 0.0 |
| LAST | PREVIOUS | CHANGE (%) | |
| PX | 967.5 | 967.5 | 0.00 |
| BUX | 32734 | 32734 | 0.00 |
| WIG | 59515 | 59515 | 0.00 |
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