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Gross Wages Rise 15.3% Y/Y in July; NBH Governor Matolcsy to Speak

HUNGARY
  • Average gross wages in Hungary rose 15.3% y/y (Est: +15.8%) in July versus +16.1% in June, according to the Central Statistical Office. Real wages fell by 2.0%, calculating with July CPI of 17.6%, while the gross median wage increased by 16.3%.
  • Hungary's GKI economic sentiment fell to -17 in September from -14.7 in August, according to the GKI Economic Research. Business confidence fell to -9 from -7.1 whereas consumer confidence fell marginally to -39.6 from -36.5.
  • Minister of Foreign Affairs and Trade Szijjarto met with his Russian counterpart, Sergey Lavrov, on the sidelines of the United Nations General Assembly in New York on Friday, MTI report. Lavrov offered assurances that Russia would continue to deliver "the contracted volume, according to schedule", of crude and gas to Hungary, Szijjarto said, adding that Russia would do the same for the nuclear fuel it supplies Hungary.
  • The NBH rate decision is the key risk event of the week. The central bank is expected to leave the base rate unchanged at 13% but cut the one-day deposit rate by 100bps to finalise the conversion of the two rates. Our preview of the decision, with sell-side analyst views, will be released later today. Current account balance, PPI and unemployment rate data are all on the docket also. Later today, Hungarian Central Bank Governor Gyorgy Matolcsy will speak at a Belt and Road seminar on cooperation with China.
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