HUNGARY: Orban Says Hungary Will “Win So Much From Peace”
Feb-14 08:09
- Commenting on impending US-Russia talks on the war in Ukraine, Prime Minister Viktor Orban said in an interview to public radio this morning that with a new US President and peace, "Russia will be reintegrated into the world economy, giving the Hungarian economy a massive boost [...] We'll win so much from peace," MTI report. The prime minister noted that sanctions had cost Hungary EUR 6.5bln each year, totalling EUR 20bln.
- Orban also said that without a reduction in energy prices and the establishment of a unified capital market that can keep investment money in Europe, the EU "has had it," according to MTI. He acknowledged the impact of the war on energy prices, but also pointed to the effect of forcing the Green Deal's energy policies on the European economy.
- Output of Hungary's construction sector fell 4.2% Y/Y in December, data released by the Central Statistics Office this morning show. In a month-on-month comparison, construction sector output edged 0.7% higher, adjusted for seasonal and workday effects. There are no other data releases or speaker events scheduled for today.
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STIR: Dovish Repricing Post UK CPI, 90bps of ECB Cuts Priced Through '25
Jan-15 08:08
Dovish repricing in EUR STIRs following the lower-than-expected UK CPI reading, with ECB-dated OIS now back to pricing 91bps of cuts through the course of this year (vs 87bps at yesterday’s close).
- Euribor futures remain within yesterday’s range, now +0.5 to +4.0 ticks through the blues versus yesterday’s settlement levels.
- Overnight, ECB Chief Economist Lane played down the short-term impact of exchange rate movements on imported inflation, but noted that the euro “plays a role” over time.
- French and Spanish final December HICP inflation confirmed flash estimates.
- ECB Vice President de Guindos is scheduled to speak at 0820GMT, with Villeroy and Vujcic expected around 0830GMT.
- Eurozone November industrial production is due at 1000GMT, though primary global focus will be on the US CPI report at 1330GMT.
| Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
| Jan-25 | 2.675 | -24.4 |
| Mar-25 | 2.445 | -47.4 |
| Apr-25 | 2.303 | -61.6 |
| Jun-25 | 2.165 | -75.4 |
| Jul-25 | 2.116 | -80.3 |
| Sep-25 | 2.050 | -86.9 |
| Oct-25 | 2.035 | -88.4 |
| Dec-25 | 2.013 | -90.6 |
| Source: MNI/Bloomberg. | ||
MNI: SPAIN DEC HICP 0.4% M/M, 2.8% Y/Y
Jan-15 08:00
- MNI: SPAIN DEC HICP 0.4% M/M, 2.8% Y/Y
GILTS: Opening calls
Jan-15 07:57
Gilt calls, these DO NOT take into account the UK CPI, and given that Sonia is up 11.5 ticks in the red, Desks will look for further upside risks.
- Range would have been 89.30/89.47.
