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Fidesz Re-Elects Orban Head of Party

HUNGARY
  • Prime Minister Orban was re-elected chairman of Fidesz, of the governing Fidesz-KDNP alliance, at a party congress in Budapest on Saturday. In spite of Brussels' attempts at "financial blackmail", the economy has started to grow again and will continue to grow, he said during a speech, adding that Hungary needed to change the EU, not leave it, and that was only possible with "radical changes" in Brussels.
  • The NBH rate decision is the focus of the week Tuesday at which the bank are expected to extend their easing cycle by another 75bps, taking the base rate to 11.5%. The expected move comes amid criticism from Nagy late last week, who said that NBH rates policy "seriously damages" the economy, and that policymakers are behind the curve on rates and inflation. Our full preview of the decision will be released later today.
  • Economic sentiment and unemployment rate data are on the docket later in the week. There are no speaker events scheduled for today.
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