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Equities Reach New Record Highs Despite Rising Uncertainty

HUNGARY
  • Yesterday, Hungary's Finance Minister Mihaly Varga mentioned at an event that Hungary GDP growth is now seen at less than 7% for this year.
  • We recently saw that CEE region was starting to reintroduce new Covid restrictions in order to limit the downside risk of a fourth wave of infections.
  • Hence, the rise in Covid uncertainty is likely to result in a significant downward revision in growth expectations, which could weigh on Hungary (and other CEE economies) risky assets.
  • This morning, economic data showed that retail sales accelerated to 5.8% YoY in September (vs. 3.3% exp.), up from 4.1% the previous month.
  • Next important data to watch will be CPI inflation coming out on November 9.

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