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Morning Summary: Lower House Ratifies EU Recovery Fund Legislation

POLAND

  • Covid daily new cases continue to drop with the 7D SMA falling from 9,000 to 5,700 in the 7 days; therefore, PM Mateusz Morawiecki announced the gradual reopening of Poland economy last Wednesday.
  • Poland's lower house passed a bill enabling ratification of EU recovery fund with 290 MPs voting in favor (BBG), with 33 MPs against and 133 abstentions. The country will receive 23bn EUR of subsidies and 34bn EUR of loans, which is equivalent of nearly two third of Poland's annual budget.
  • Today, the NBP is expected to keep its policy rate unchanged and will continue to guide for policy rates on hold at least until the middle of 2022, with 1 to 2 hikes expected to happen in H2 2022 based on sell-side estimates. Policymakers aim to keep financial conditions as loose as possible in order to stimulate the economy after a difficult first quarter.
  • Yesterday, economic data April manufacturing PMI fell back to 53.7 (vs. 55.3 exp.) after reaching a multi-year high of 54.30 in March.
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