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Radu-Sorin Marinas

Romania parliament endorses PM Ciuca's grand coalition government

Nov 25 2021

BUCHAREST (Reuters) -Romanian legislators endorsed the grand coalition government of Liberal Prime Minister Nicolae Ciuca by an overwhelming majority on Thursday, inaugurating a rotating premiership deal to end a two-month long political stalemate.

Romania parliament endorses PM Ciuca's grand coalition government

Nov 25 2021

BUCHAREST (Reuters) -Romanian legislators endorsed the grand coalition government of Liberal Prime Minister Nicolae Ciuca by an overwhelming majority on Thursday, inaugurating a rotating premiership deal to end a two-month long political stalemate.

Romania's Ciuca designated PM to defuse crisis under new coalition

Nov 22 2021

BUCHAREST (Reuters) -Romania's centrist Liberals and the leftist Social Democrats finalised their grand coalition on Monday and the country's president nominated retired army general Nicolae Ciuca as prime minister, hoping to end a two-month long political stalemate.

CEE MARKETS-Crown edges firmer with market eyeing fresh massive rate hike

Nov 01 2021

By Radu-Sorin Marinas and Jason Hovet BUCHAREST/PRAGUE, Nov 1 The Czech crown edged up in early session, leading the region on Friday in light trade while neighboring markets were closed for holiday, lifted by expectations of another robust interest hike due later this week. Markets are betting the Czech National Bank (CNB) will again deliver a steep hike after September's 75 basis-point increase - the biggest single rise in 24 years - and have priced in for the monetary authority opting for a similar hike. CNB Deputy Governor Tomas Nidetzky told Reuters in an interview last week debate would likely be over a 50 bps or 75 bps move. "I would expect a bit of nervous trading before the CNB, but on the other hand I don't think there will be such a big surprise as last time," a Prague-based trader said. The trader said a weaker dollar against the euro was also helping the crown recover some of last week's losses, after hitting a three-month low. By 0930 GMT, the crown traded 0.15% firmer at 25.6210 against the euro, followed by the Romanian leu which edged 0.02% up at 4.9495. Poland and Hungarian markets are closed on Monday. Investors are eyeing the Polish central bank meeting on Nov. 3 to see whether the tightening continues and at what pace, after some central bankers called for more hikes. "We received the flash estimate of October CPI from Poland. This was the first indicator from the CEE region, which gives a hint at what inflation prints might look like for the broader region for October," Commerzbank said in a note. "This print will provide a tense backdrop for the MPC debate on 3 November," it added. Stock markets in the region were up, with Prague leading with a 0.81% increase, followed by Bucharest which advanced by 1.07%. CEE SNAPSHOT AT MARKETS 1043 CET CURRENCI ES Latest Previous Daily Change bid close change in 2021 Czech crown 25.6210 25.6600 +0.15% +2.37% Hungary 360.0000 360.3000 +0.08% +0.76% forint Polish 4.6200 4.6120 -0.17% -1.32% zloty Romanian 4.9495 4.9500 +0.01% -1.71% leu Croatian 7.5240 7.5265 +0.03% +0.31% kuna Serbian 117.5500 117.6000 +0.04% +0.02% dinar Note: daily calculated from 1800 CET change Latest Previous Daily Change close change in 2021 Prague 1336.37 1326.100 +0.77% +30.11% 0 Budapest 54197.71 54197.71 +0.00% +28.71% Warsaw 2405.05 2405.05 +0.00% +21.22% Bucharest 12741.57 12605.09 +1.08% +29.94% Ljubljana 1178.89 1180.67 -0.15% +30.86% Zagreb 2032.51 2032.51 +0.00% +16.86% Belgrade 796.20 795.15 +0.13% +6.36% Sofia 583.99 583.95 +0.01% +30.49% Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year 2.8130 -0.0350 +340bps -7bps 5-year 2.8490 -0.0010 +324bps -7bps 10-year <CZ10YT=RR 2.7110 0.0030 +281bps -5bps > Poland 2-year 2.0640 -0.0100 +266bps -5bps 5-year 2.4040 0.0300 +279bps -4bps 10-year <PL10YT=RR 2.8770 -0.0260 +297bps -8bps > FORWARD 3x6 6x9 9x12 3M interban k Czech Rep <P 3.50 3.64 3.63 2.18 RIBOR=> Hungary <B 2.88 3.21 3.47 2.04 UBOR=> Poland <W 1.96 2.35 2.76 0.74 IBOR=> Note: FRA are for ask prices quotes ***************************************************** ********* (Editing by Krishna Chandra Eluri)

Romania's Iohannis nominates Iraqi war veteran Ciuca as PM designate

Oct 21 2021

BUCHAREST Romania's president nominated Nicolae Ciuca as prime minister on Thursday, asking the retired army general to form a centrist government to end a month-long policy stalemate as rising COVID-19 infections threaten to overwhelm hospitals.

Romania's president asks centrist party head Ciolos to form government

Oct 11 2021

BUCHAREST Romanian President Klaus Iohannis has proposed Dacian Ciolos, leader of a centrist party, as a candidate to form a government, after the nine-month-old liberal-led coalition cabinet of Florin Citu was toppled in a vote of no confidence last week.

CEE MARKETS-Zloty leads regional FX gains, markets eye rate meeting

Oct 04 2021

By Radu-Sorin Marinas BUCHAREST, Oct 4 Central European currencies edged up in the early session on Monday, with the Polish zloty reaching a near three-week high amid growing rate hike expectations despite Poland resisting any rush to tighten so far, fearing harm to an economic rebound. By 0820 GMT, the zloty was 0.30% up, trading at 4.5640 to the euro, followed by the forint which was 0.20% firmer at 356.18 and the Czech crown with a 0.1% advance to 25.2820. The Romanian leu was flat at 4.9475. "Locally, investors will focus on the meeting of the Monetary Policy Council (on Wednesday) and the likely conference of the President of the National Bank of Poland," Bank Millennium said in a note. The market significantly increased the probability of normalisation of monetary policy this year following last week's higher-than-expected reading of consumer price inflation. "Interest rates will not change, and the focus will be on the (Governor) Glapiński's comments and the press release after the meeting ...extremely important for market expectations as to when monetary tightening in Poland will start," Millennium said. Polish inflation rose again in September to 5.8%, a flash estimate showed on Friday, increasing bets that rates could rise before the end of the year. In Hungary, analysts see the currency undergoing a correction after last Friday's jump triggered by comments from Deputy Governor Barnabas Virag who flagged further 15-basis-point rate hikes over the next few months as inflationary pressures continue to rise. "The forint is in a correction. Reacting to the central bank signs on Friday the correction continues, in the euro-forint rate the next important support level is at 356.38, the 200-day moving average. If that is broken, the next goal could be 352," brokerage Equilor wrote. Stock markets were led by Prague, up 0.63%, where Czech utility CEZ's rose to a fresh 9-year high on Monday, bolstered by energy price gains. Analysts say higher energy prices are fanning inflation in several emerging markets, testing the resolve of their central banks and risk stymieing growth in Hungary, Poland and the Czech Republic and more currency weakness in Turkey. CEE SNAPSHOT AT MARKETS 1035 CET CURRENCIE S Latest Previous Daily Change bid close change in 2021 Czech 25.2820 25.3050 +0.09% +3.75% crown Hungary 356.4000 356.8900 +0.14% +1.77% forint Polish 4.5650 4.5789 +0.30% -0.13% zloty Romanian 4.9475 4.9451 -0.05% -1.67% leu Croatian 7.4920 7.4985 +0.09% +0.74% kuna Serbian 117.4800 117.5800 +0.09% +0.08% dinar Note: calculated from 1800 daily CET change Latest Previous Daily Change close change in 2021 Prague 1337.63 1329.910 +0.58% +30.23 0 % Budapest 53561.81 53589.80 -0.05% +27.20 % Warsaw 2319.64 2327.88 -0.35% +16.92 % Bucharest 12632.84 12633.19 -0.00% +28.83 % Ljubljana 1162.14 1166.29 -0.36% +29.00 % Zagreb 2025.50 2024.03 +0.07% +16.46 % Belgrade <.BELEX15 800.88 801.40 -0.06% +6.98% > Sofia 578.39 581.79 -0.58% +29.24 % Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=RR 2.0120 0.0740 +272bp +7bps > s 5-year <CZ5YT=RR 2.1050 -0.0060 +268bp -1bps > s 10-year <CZ10YT=R 2.1180 0.0050 +233bp +0bps R> s Poland 2-year <PL2YT=RR 0.9720 0.0300 +168bp +3bps > s 5-year <PL5YT=RR 1.6100 -0.0190 +218bp -3bps > s 10-year <PL10YT=R 2.2480 0.0390 +246bp +3bps R> s FORWARD 3x6 6x9 9x12 3M interba nk Czech Rep < 2.67 2.95 3.12 1.82 PRIBOR=> Hungary < 2.37 2.67 2.93 1.76 BUBOR=> Poland < 0.72 1.17 1.48 0.24 WIBOR=> Note: FRA are for ask prices quotes *************************************************** *********** (Additional reporting by Jason Hovet in Prague, Anita Komuves in Budapest and Alan Charlish in Warsaw. Editing by Krishna Chandra Eluri)

Romanian truckers, hit by taxes at home, tempted by British jobs

Sep 29 2021

BUCHAREST For 32-year-old Romanian international trucker Nicolae, Britain's driver crisis could be just what he needs to keep his small business afloat.

Romanian coalition partner quits government, paves way for no-confidence vote

Sep 06 2021

BUCHAREST The junior USR-Plus partner in Romania's centrist coalition government will remove its ministers from the cabinet on Tuesday, paving the way for a parliamentary vote of no-confidence against Liberal Prime Minister Florin Citu.

CEE MARKETS-Zloty leads FX losses, market eyes no move in Polish rate this week

Sep 06 2021

By Radu-Sorin Marinas BUCHAREST, Sept 6 Central European currencies were virtually unchanged by the midday session on Monday, though the Polish zloty eased slightly following central bank comments that raising interest rates would be risky at this time. Poland's central bank Governor Adam Glapinski told state run news agency PAP in an interview published on Monday, that hiking rates poses a risk after inflation in emerging Europe's largest economy hit a two-decade high in August. Glapinski has stressed he believes hiking too soon could jeopardise the economic recovery from the COVID-19 pandemic. Poland's central bank will hold a rate-setting meeting on Wednesday. All of the analysts polled by Reuters expect the main rate to stay unchanged at 0.1%. "I think last week the market got a little bit over-excited with the CPI," said a Warsaw-based currency trader. "This was like a little cold shower," the trader said, referring to Glapinski's comments. "It's a signal we might have some disappointment and if we have some disappointment those positions established last week might be short covered and then the zloty might weaken further." By 0910 GMT, the zloty was trading 0.16% down on the day at 4.5157 to the euro, having broken the 4.5000 psychological level last Wednesday, after the highest inflation reading in two decades raised expectations that rates would rise before the end of the year. The Czech crown was flat at 25.36 while the Hungarian forint firmed 0.05% to 347.25, trading at a two-and-a-half month high, with the latter supported by a rate hike cycle begun in June. "On Friday the euro-forint rate went below 348 which was an important short-term support, the next level is near 347," brokerage Equilor wrote in a note. The leu traded close to record lows of 4.9460, as the centrist coalition government could face a parliamentary vote of no-confidence in coming days. Stocks were up, with the main index in Budapest rising 0.43% and scaling another record high. Shares of OTP Bank added 0.75% by 0824 GMT and also reached a record high. Warsaw's WIG20 index was up 0.53%. Prague and Bucharest were 0.12% down and 0.07% up respectively. CEE SNAPSHOT AT 1110 MARKETS CET CURRENCIES Latest Previous Daily Change bid close change in 2021 Czech 25.3600 25.3700 +0.04% +3.43% crown Hungary 347.3700 347.4300 +0.02% +4.42% forint Polish 4.5146 4.5086 -0.13% +0.99% zloty Romanian 4.9460 4.9445 -0.03% -1.64% leu Croatian 7.4920 7.4965 +0.06% +0.74% kuna Serbian 117.5700 117.6050 +0.03% +0.00% dinar Note: calculated from 1800 daily CET change Latest Previous Daily Change close change in 2021 Prague 1292.09 1293.6200 -0.12% +25.79 % Budapest 52480.99 52255.11 +0.43% +24.64 % Warsaw 2393.38 2380.82 +0.53% +20.64 % Bucharest 12322.42 12313.36 +0.07% +25.67 % Ljubljana 1200.24 1202.75 -0.21% +33.23 % Zagreb 1967.02 1965.37 +0.08% +13.09 % Belgrade 801.60 808.73 -0.88% +7.08% Sofia 560.71 560.71 +0.00% +25.29 % Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year 1.6740 -0.0030 +239bp +0bps s 5-year 1.7780 0.0010 +244bp +0bps s 10-year <CZ10YT=RR 1.8350 0.0000 +220bp +0bps > s Poland 2-year 0.4820 -0.1150 +120bp -11bps s 5-year 1.2860 -0.0790 +195bp -8bps s 10-year <PL10YT=RR 1.9580 -0.0480 +232bp -5bps > s FORWARD 3x6 6x9 9x12 3M interba nk Czech Rep <P 1.66 2.08 2.24 1.02 RIBOR=> Hungary <B 2.10 2.23 2.30 1.60 UBOR=> Poland <W 0.47 0.73 0.98 0.24 IBOR=> Note: FRA are for ask prices quotes ****************************************************** ******** (Additional reporting by Anita Komuves in Budapest and Alan Charlish in Warsaw; Editing by Simon Cameron-Moore)

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