Donald Trump and Andrzej Duda talked trade and defense

President Donald Trump and President Andrzej Duda (©PAP)

Putin: Sanctions are a covert form of protectionism

More Hungarians buy travel insurance

Poland

American President Donald Trump met with Polish President Andrzej Duda in Warsaw. The officials dealt with the issues of trade and security. “We both agreed we will work for the benefit of trade exchange between our countries,” commented Trump. He added this trade exchange isn’t significant at the moment – but this will change.

The top export destinations of Poland are Germany, the United Kingdom, the Czech Republic and France. And the top import origins are: Germany, China, Italy and Russia.

As Radio Poland reports, the visit wakes up big expectations on the Poland’s side. Poland would like to know whether it can count on American support against Nord Stream II pipeline. One of the ways of boosting trade between the two countries is trading natural gas. In June 2017 Poland received its first one-off consignment of Liquefied Natural Gas (LNG) from the US. It seeks for more deliveries – on its way to diversify its supplies and reduce its dependence on Russia.

After a 16-hours visit in Poland the American President will take off to Hamburg for the G20 summit.

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Russia

Novinite.com reports, after German daily Handelsblatt, that Russian President Vladimir Putin commented the European Union’s policy of sanctions towards Russia, just before the G20 summit in Hamburg. Putin claims that imposing sanctions is actually “a covert form of protectionism”.

In a guest- essay published by Handelsblatt Thursday, July 6th, Putin writes: „In our opinion, such sanctions not only have no perspective, but they also contradict the G20 principles for interacting in the interests of all countries of the world”. He also expresses his trust in open trade relations: “I’m convinced that only open trade relations based on uniform norms and standards can stimulate growth of the global economy and support a progressive development of intergovernmental relations”.

European Union decided to introduce sanctions against Russia on March 3rd, 2014 – in response to the Crimea annexation. The sanctions were extended many times. Lately – on June 27th the Council of the European Union has extended sanctions against the particular sectors of Russian economy – by January 31st, 2018. Also the US Senate has extended sanctions against Russia – in the mid June 2017.

During the G20 summit that starts on July 7th Vladimir Putin is supposed to meet with the American President Donald Trump. The officials will probably talk about the Ukrainian crisis and sanctions imposed against Russia by the western countries.

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Hungary

77 per cent of Hungarians are planning to go for a summer holiday in 2017 – Budapest Buiness Journal reports after Genertel – an insurance company. The survey of Genertel shows that 74 per cent respondents claim they will pay for the travel insurance, and as much as 40 per cent explain that their choice of an insurer will be dictated by the price.

The data shows Hungarians’ economic literacy is quite low – 40 per cent of respondents haven’t known that car assistance can be a part of the insurance package, and one third haven’t known that luggage insurance can be included in travel insurance. More than 45 per cent of them haven’t been aware if their packages included medical and emergency costs.

At the same time 47 per cent of respondents expressed their will to buy travel insurance by the internet (up 7 per cent y/y). 8 per cent of them said they never buy travel insurance (a decrease from last year’s level of 19 per cent).

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What’s up in indexes

BET (of Bucharest) increased from 7,926.14 index points Tuesday, July 4th to 8,139.65 index points Wednesday, July 5th. It’s up 2.66 per cent d/d and up 24.94 per cent y/y.

BUX (of Budapest) increased from 34,889.56 index points Tuesday, July 4th to 35,298.14 index points Wednesday, July 5th. It’s up 1.17 per cent d/d and up 33.57 per cent y/y.

CROBEX (of Zagreb) increased from 1,866.82 index points Tuesday, July 4th to 1,878.50 index points Wednesday, July 5th. It’s up 0.63 per cent d/d and up 14.10 per cent y/y.

OMXR (of Riga) increased from 966.74 index points Tuesday, July 4th to 969.16 index points Wednesday, July 5th. It’s up 0.25 per cent d/d and up 55.42 per cent y/y.

OMXT (of Tallinn) increased from 1,152.47 index points Tuesday, July 4th to 1,155.50 index points Wednesday, July 5th. It’s up 0.26 per cent d/d and up 17.54 per cent y/y.

OMXV (of Vilnius) increased from 601.75 index points Tuesday, July 4th to 602.40 index points Wednesday, July 5th. It’s up 0.11 per cent d/d and up 16.96 per cent y/y.

Wednesday, July 5th was a non-trading day at the bourse of Prague. PX (of Prague) closed at 986.78 index points Tuesday, July 4th.

Wednesday, July 5th was a non-trading day at the bourse of Bratislava. SAX (of Bratislava) closed at 327.92 index points Tuesday, July 4th.  

SOFIX (of Sofia) decreased from 711.44 index points Tuesday, July 4th to 711.42 index points Wednesday, July 5th. It’s less than 1 per cent change d/d. Y/y it’s up 57.73 per cent.

UX (of Kyiv) increased from 1,023.29 index points Tuesday, July 4th to 1,044.99 index points Wednesday, July 5th. It’s up 2.12 per cent d/d and up 45.00 per cent y/y.

WIG20 (of Warsaw) increased from 2,294.27 index points Tuesday, July 4th to 2,307.49 index points Wednesday, July 5th. It’s up 0.58 per cent d/d and up 34.47 per cent y/y.

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