MNI China Daily Summary: Monday, July 29

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Morning Summary: Investors To Carefully Look At The June Inflation Report

HUNGARY
  • Covid daily new cases continue to decrease with the 7D SMA falling to 1,100 (lowest level since early February), down from 9,300 (March 26 high) and from 1,700 the previous week. The number of people who received at least one dose of the Covid vaccines surpassed 4.3mil on Sunday, which has led to a gradual reopening of the economy.
  • At 9.30am (London time), Cabinet Minister Gergely Gulyas to hold press conference on latest government plans, pandemic (BBG).
  • EC review Hungary GDP growth forecast for 2021 to the upside in its spring economic forecast; EC expects Hungary to grow by 5% this year, up from 4% in the previous projections, and by 5.5% in 2022.
  • After April inflation surged to 5.1%, its highest level since 2012 and exceeding the 4.8% median estimate in Bloomberg, NBH policymakers said that the next central bank's inflation report in June will be 'key' for assessing the inflationary impact on the economy. Policymakers will certainly use appropriate tools in case inflation starts to persist and constantly overshoot estimates.
  • This morning, the NBH is expected to keep its 1W deposit rate steady at 0.75% at its weekly meeting.
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