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Mol Posts Strong Fourth Quarter Results; Anti-Government Demonstrations Planned

HUNGARY
  • The BUX index has opened at a fresh all-time high, up ~1% at typing, aided by a strong earnings report from Mol posted ahead of the opening bell. Mol, one of the largest firms in the index, has advanced about 1.4%.
  • Looking into the details, our credit team note that FY results look strong against targets: USD 3.1bn EBITDA vs. USD 2.8bn target. FY24 guidance implies Group Profit Before Tax -16%, EBITDA -3.2% and flat production but with little in the way of management commentary on FY24.
  • Hungarian public opinion leaders will hold an anti-government protest following recent controversy regarding the presidential pardon in a child-abuse case that led to the resignation of former president Katalin Novak. Demonstrations are set to begin at 17:00GMT/18:00CET.
  • Cabinet Minister Gergely Gulyas will hold a weekly press conference following the government meeting held earlier in the week. There are no economic releases scheduled for today.

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