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Election Of Speakers Confirms New Majority In Parliament, Flash Q3 GDP Data On Tap

POLAND
  • The lower house of parliament (Sejm) elected Third Way's Szymon Holownia for the position of the Speaker with 265 votes in favour and 193 against. Each parliamentary caucus was allowed to nominate one Deputy Speaker, but Law and Justice's candidate failed to garner enough votes. The former ruling party said that it would not nominate another candidate, leaving its allocated seat vacant. The situation was replicated in the upper house (Senate), where Marek Pek's candidacy was rejected by the Senators. The Sejm will resume its first meeting today at 15:00GMT/16:00CET and is expected to continue voting on the initial personal appointments.
  • Yesterday's votes in parliament indicated that Prime Minister Mateusz Morawiecki will not be able to form government. Against this backdrop, President Andrzej Duda formally designated Morawiecki as his candidate for the head of government. Morawiecki has 14 days to present his policy agenda to the Sejm and ask for a vote of confidence. In the next step, the ball will be in the court of parliamentary majority.
  • The ECB told Business Insider that they have "no comment at this stage" on speculation that the new administration could bring a case against NBP Governor Adam Glapinski to the Polish Tribunal of State.
  • Flash Q3 GDP data will cross the wires at 09:00GMT/10:00CET. The median estimate in a Bloomberg survey is +0.4% Y/Y after a 0.6% contraction in Q2. The seasonally adjusted sequential reading may come in at +1.9% Q/Q after -2.2% in the previous quarter.

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