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HUNGARY: Fragility Picks up as Industrial Production Softer-Than-Expected

HUNGARY
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
  • Industrial production for August came in softer-than-expected, falling month-on-month to -0.5% vs. Exp. +0.2% (Prev. 0.0%), Y/Y at -4.1% vs. Exp. -2.8% (Prev. -6.4%). The data will add to underlying concerns that the economy is headed toward recession - and extends the losing streak for the Y/Y headline - which has contracted in all but one of the past 20 releases.
  • Speaking to local radio this morning, Orban stated he is to focus on the economy, rather than foreign policy, ahead - reiterating his concerns that the EU are headed into an 'economic cold war' with China over electric vehicle tariffs. Orban stated they are still working on their economic neutrality doctrine.
  • Some attention paid to yesterday's news that the European Commission have referred Hungary to the European Court of Justice because it sees Hungary's sovereignty laws as in breach of EU law. The investigation will likely be long-winded and presents no near-term headwind, but will support concerns of protracted discord between Budapest and Brussels.
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  • Industrial production for August came in softer-than-expected, falling month-on-month to -0.5% vs. Exp. +0.2% (Prev. 0.0%), Y/Y at -4.1% vs. Exp. -2.8% (Prev. -6.4%). The data will add to underlying concerns that the economy is headed toward recession - and extends the losing streak for the Y/Y headline - which has contracted in all but one of the past 20 releases.
  • Speaking to local radio this morning, Orban stated he is to focus on the economy, rather than foreign policy, ahead - reiterating his concerns that the EU are headed into an 'economic cold war' with China over electric vehicle tariffs. Orban stated they are still working on their economic neutrality doctrine.
  • Some attention paid to yesterday's news that the European Commission have referred Hungary to the European Court of Justice because it sees Hungary's sovereignty laws as in breach of EU law. The investigation will likely be long-winded and presents no near-term headwind, but will support concerns of protracted discord between Budapest and Brussels.