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CNB To Raise Its Benchmark Rate By 50bps

CZECHIA
  • The CNB is very likely to raise its benchmark rate by 50bps today based on recent policymakers 'hawkish' speeches.
  • Recently, we saw that a rising number of CNB members have mentioned that a bigger rate hike may be necessary to curb the inflationary pressures.
  • We have seen that the hawkish CNB tone has been strongly supporting cyclical equities (i.e. financials), partly driven by the rise in ST bond yields and broad CZK strength. Czech equities (PX Index) have been trading at a 13-year high recently.
  • This morning, economic data showed that Czech economy expanded by 8.1% YoY in Q2 (final print), slightly down from 8.2% in the previous estimate.
  • Czech Environment Minister Richard Brabec mentioned earlier that Czech R. and Poland have made significant progress in negotiations over the Turow lignite mine.
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