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Manufacturing PMI Falls to 55.0 in January, Below Expectations

HUNGARY
  • Hungary's manufacturing PMI fell to 55.0 in January (Exp: 58.0) from a downwardly revised 59.3 in December, according to data released this morning. Trade balance figures were also on the docket, where data showed a widening deficit from EUR1.28b in October to EUR1.42b in November.
  • Vodafone completed the sale of its business in Hungary to the government and little-known local telecom firm 4iG, according to a statement by the Hungarian company cited by Bloomberg. The state will hold a 49% stake while 4iG owns a 51% controlling share. Transparency International, a Berlin-based corruption watchdog, have previously criticised the sale saying government favouritism is creating a new business elite that is tied to the ruling party.
  • Hungary and Turkey are about to sign an agreement on "priority strategic cooperation", Minister Szijjarto said on Tuesday after talks with his Turkish counterpart Cavusoglu, MTI report. Talks are under way on increasing Hungary's access to Turkish gas lines to deliver Azeri gas that way, he added.
  • There are no major economic releases or speakers scheduled for the rest of the day.
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