Rapid growth of exports expected in Poland

(Tristan Taussac, CC BY-ND)

Bond issue for Romanians oversubscribed 5 times

A tender for the third Estonian-Latvian power connection

Mortgage market in Hungary up in H1’16

Poland

If nothing happens to the EU economy after the Brexit Polish exports should grow 7 per cent over the whole 2016, Poland’s Deputy Development Minister Jerzy Kwieciński informed.

The Polish Radio quotes Kwieciński saying: “Our exports are growing. We expect them to rise this year by around 6-7 per cent. I think that this is achievable”. The Polish Radio adds that the current EUR/PLN exchange rate is favorable to Polish exporters.

At the same time Kwieciński said the situation in Europe after Brexit may change. UK is Poland’s second most important trade partner in the EU and Brexit could cost Poland 0.5 to 1 per cent of GDP. The Polish Radio quotes Kwieciński: “Our forecasts concerning GDP growth were a bit too optimistic. I hope it would exceed 4 per cent but there have been unexpected events. We still don’t know to what extent Brexit will impact [our economy]”.

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Romania

“Some 14,000 Romanians have bought RON520m (EUR116.5m) worth of government bonds in the Finance Ministry’s <<Centenary>> bond issue dedicated to the population,” Romania Insider informs. This is five times as much as the initial plan. The initial sum was RON100m (EUR22.5m). It’s a success of the Finance Ministry of Romania.

The offer started on July 11th and will close on July 29th. The bonds for the population have a nominal value of RON100 (EUR22.2) and a yearly interest rate of 2.15 per cent. The titles are due in 2018 when Romania celebrates 100 years since the Great Union. One person can buy maximum 1000 titles with a value of EUR22,400.

“The success of the issuance shows the confidence the citizens have in the Romanian state. It will be rewarded,” Romania Insider quotes Anca Dragu, the Finance Minister

Romania’s government resumed its bond issues for the population last year, after a decade hiatus.

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Estonia and Latvia

Elering, the Estonian transmission system operator will open a tender for building the Estonian section of the third Estonian-Latvian power connection. The tender will be announced this fall and the final decision is to be made in the spring 2017.

The Baltic Course informs the cost of the third Estonian-Latvian power connection will reach EUR172m. In 2014 the European Union decided to co-finance the project with EUR112m.

“The two countries will hold different tenders, more or less at the same time. Estonia will hold two tenders: for the Harku-Lihula-Sindi section and for the section between Kilingi-Nõmme and the Estonian-Latvian border. According to present plans we are to make a decision regarding launching construction with our Latvian colleagues next spring,” the portal quotes chief of communications at Elering Ain Koster.

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Hungary

The mortgage market in Hungary grows. Portfolio.hu informs that K&H Bank expects new loans worth HUF500bn (EUR1.5bn) in 2016 in the entire market segment. Subsidies from the CSOK home creation program for families are expected to reach HUF4bn.

“The mortgage loan market is picking up speed, although this is still fueled by the market for used homes, which grew 50 per cent in 12 months, with newly built homes not expected to contribute significantly to growth before the second half,” writes Portfolio.hu.

K&H Bank provides one in six mortgages in Hungary, and its share of the new mortgage loans in the first five months was 14.3 per cent. Mortgage loans granted by the bank totaled HUF27.5bn, 41 per cent more than a year earlier. Also consumer loans are on the rise, due to improved labor market and increasing net wages.

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What’s up in indexes?

BUX (of Budapest) dropped by 0.83 per cent – falling from 28014.13 index points Tuesday, July 26th to 27781.05 index points Wednesday, July 27th. From year-end it’s up 16.14 per cent.

BET (of Bucharest Stock Exchange) grew by 1.08 per cent – increasing from 6655.22 index points Tuesday, July 26th to 6727.32 index points Wednesday, July 27th. From year-end it dropped by 3.95dd per cent.

PX (of Prague Stock Exchange) was up 0.45 per cent – increasing from 889.42 index points Tuesday, July 26th to 893.42 index points Wednesday, July 27th. From year-end it lost 6.58 per cent. 

WIG20 (of Warsaw) lost 0.35 per cent – falling from 1803.96 index points Tuesday, July 26th to 1797.63 index points 1797.63 index points Wednesday, July 27th. From year-end it lost 3.31 per cent.

OMXT (of Tallinn) dropped by 0.48 per cent – falling from 1018.90 index points Tuesday, July 26th to 1014.04 index points Wednesday, July 27th. From year-end it’s up 12.80 per cent.

OMXR (of Riga) was up 0.01 per cent – increasing from 639.51 index points Tuesday, July 26th to 639.59 index points Wednesday, July 27th. From year-end it’s up 7.61 per cent.

OMXV (of Vilnius) increased from 547.00 index points Tuesday, July 26th to 547.92 index points Wednesday, July 27th. So it’s up 0.17 per cent d/d. From year-end it’s up 12.74 per cent.

SAX (of Bratislava) closed at 310.23 index points Wednesday, July 27th – at zero per cent change. From year-end it’s up 6.12 per cent.

SOFIX (of Sofia) dropped by 0.10 per cent – falling from 457.45 index points Tuesday, July 26th to 456.98 index points Wednesday, July 27th. From year-end it dropped by 0.85 per cent.

UX (of Kyiv) increased from 718.57 index points Tuesday, July 26th to 721.07 index points Wednesday, July 27th. So it’s up 0.35 per cent d/d. From year-end it’s up 5.13 per cent.

CROBEX (of Zagreb Stock Exchange) increased from 1758.38 index points Tuesday, July 26th to 1767.19 index points Wednesday, July 27th. So it’s up 0.50 per cent d/d. From year-end it’s up 4.59 per cent.

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