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Hungary Expands Relations with China’s Huawei; Szijjarto Holds Talks in Beijing

HUNGARY
  • Szijjarto will hold talks in Beijing today with China’s Russia-Ukraine peace plan as well as issues regarding the economy on the agenda.
  • Hungary is expanding its relationship with Huawei Technologies, rejecting international pressure to reduce economic links with China, Bloomberg report. Huawei will sponsor a scholarship program at Hungary’s Public Service University in Budapest, Foreign Minister Peter Szijjarto said in Beijing on Monday. “We maintain our position on global telecommunications providers, namely that we don’t exclude companies from competition based on their country of origin,” Szijjarto said in a Facebook post.
  • EURHUF dipped to a low of 368.33 this morning, its lowest since April 2022, but has since recovered to above 369.00 at the time of typing. Note 369.47, the Apr 18 low, marks key support and the bear trigger. While this level has been pierced, a clear break is needed to resume the primary downtrend and open 366.41, the Mar 30 2022 low.
  • It is "scandalous" that Ukraine has placed OTP Bank on its list of "international sponsors of war", Foreign Minister Peter Szijjarto said on Friday as per MTI, adding that until that is withdrawn, it will be "very difficult" for the Hungarian government to negotiate further sanctions.
  • There are no major economic releases on the docket today, with GDP figures the focus of the week. Data crosses tomorrow morning, with a 1.0% y/y contraction expected (Prior: +0.4%).
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