Croatia elections: conservaties are winning

Who will replace Tihomir Orekovic as the Prime Minister of Croatia? (CC By NC OECD)

Moody's has not updated its rating for Poland

Wages up in Czech Republic

Romania’s imports and exports dropped by more than 4 per cent

Croatia

Yesterday it seemed Croatian socialists won the election. But Monday’s initial results show that the winners are conservatives: the Croatian Democratic Union (HDZ). But they won’t be able to rule on their own.

„With more than half of the ballots counted, Croatia’s state election authorities said early on Monday that the conservative Croatian Democratic Union, or HDZ, have won 62 seats in the 151-seat parliament, while rival left-leaning People’s Coalition won 53. Third-placed are kingmakers Most, or Bridge, with 12 seats” – the Progress Index reports.

The full results will be announced on Monday evening.

It is worth remembering the HDZ party has led the right-wing government (HDZ and Most) that collapsed in June 2016 (after 6 months in power). This was due to tensions within the coalition. „The months-long political deadlock has delayed reforms that are necessary for Croatia to catch up with the rest of the EU” – reads the article.

“After such a victory, we are the party that will have a chance to form a stable, future Croatian government in the next four years (…) We have shown that we have regained the trust of our voters” – HDZ leader, Andrej Plenkovic commented.

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Poland

„The Moody’s agency has said it has not updated its rating for Poland. The Ministry of Finance in Warsaw said that means the agency has kept Poland’s rating unchanged at A2 with a negative outlook” – the Polish Radio reports.

Some experts and commentators have expected a review.

It is worth remembering Polish rating remains at the level of A2/P-1 for long and short term liabilities respectively in foreign and local currency with a negative outlook.

The Polish Radio quotes Mr. Mateusz Morawiecki, Poland’s Deputy PRM and Development Minister, saying he’s „happy with Moody’s decision because the best possible assessment of the state of the Polish economy by foreign investors is in Poland’s interests”.

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Czech Republic

Average wages grew in the Czech Republic in Q2’16 – reaching CZK27,297 (EUR1,009). It meas they’re up 3.9 per cent y/y (on average).  The data was released by the Czech Statistical Office on Monday, September 12th. „When inflation is factored in, the average percentage rise comes in at 3.7 per cent. Compared to the Q1’16, wages rose by 0.8 per cent” – Radio Praha reports.

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Romania

Exports and imports weaken in Romania. The Romania Insider informs exports dropped by 4.6 per cent y/y in July 2016. The volume of exported goods decreased to EUR4.81bn.

At the same time imports dropped by 4.9 per cent y/y – reaching EUR 5.4bn.

„As a result, Romania’s trade deficit declined for the second month in a row. (…) The deficit amounted to EUR643m in July 2016, down 0.7 per cent compared to July 2015” – the article reads.

As the data from the National Statistics Institute (INS) shows, in the period January to July 2016, the deficit reached EUR5.11bn (up 30 per cent compared with the same period of 2014). Exports amounted to EUR33bn between January and July 2016 – being up 2.9 per cent y/y. Imports grew by 5.8 per cent – reaching EUR38.1bn.

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What’s up in indexes

BUX (of Budapest) decreased from 28505.53 index points Thursday, September 8th to 28445.83 index points Friday, September 9th. So it dropped by 0.21 per cent. From year-end it’s up 18.92 per cent.

BET (of Bucharest Stock Exchange) dropped by 0.48 per cent – falling from 7058.71 index points Thursday, September 8th to 7027.24 index points Friday, September 9th. From year-end it’s up 0.36 per cent.

PX (of Prague Stock Exchange) dropped by 0.56 per cent d/d and by 8.00 per cent from year-end. It decreased from 884.80 index points Thursday, September 8th to 879.83 index points Friday, September 9th.

WIG20 (of Warsaw) dropped by 2.19 per cent d/d and by 5.65 per cent from year-end. It decreased from 1793.48 index points Thursday, September 8th to 1754.12 index points Friday, September 9th.

OMXT (of Tallinn) was up 0.04 per cent d/d and up 11.10 per cent from year-end. It increased from 998.47 index points Thursday, September 8th to 998.82 index points Friday, September 9th.

OMXR (of Riga) was up 0.99 per cent d/d and up 15.41 per cent from year-end. It increased from 679.20 index points Thursday, September 8th to 685.95 index points Friday, September 9th.

OMXV (of Vilnius) dropped by 0.07 per cent – falling from 538.27 index points Thursday, September 8th to 537.87 index points Friday, September 9th. From year-end it’s up 10.68 per cent.

SAX (of Bratislava) was up 1.09 per cent d/d and up 11.51 per cent from year-end. It increased from 322.50 index points Thursday, September 8th to 326.00 index points Friday, September 9th.

SOFIX (of Sofia) was up 0.68 per cent d/d and up 2.39 per cent from year-end. It increased from 468.71 index points Thursday, September 8th to 471.91 index points Friday, September 9th.

UX (of Kyiv) dropped by 1.81 per cent – falling from 751.79 index points Thursday, September 8th to 738.21 index points Friday, September 9th. From year-end it’s up 7.63 per cent.

CROBEX (of Zagreb) was up 0.70 per cent d/d – increasing from 1838.29 index points Thursday, September 8th to 1851.17 index points Friday, September 9th. From year-end it’s up 9.56 per cent.

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