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Morning Summary: Opposition Leaders Are Seeking Early Elections

CZECHIA
  • Covid cases continue to gradually decrease with the 7D SMA of daily new cases dropping below 2,400 (and down from 12,300 from its early March highs). Therefore, Czech Republic will start to gradually lift restrictions on Monday (May 3), reopening shops, markets and some services.
  • A group of Czech opposition leaders have been trying to remove PM Andrej Babis from office over his bad management of the Covid19 crisis and conflict of interest (Bloomberg). According to a final EU audit, businessman and Czech PM Babis continues to influence the multi-billion korunas corporation Agrofert he established over his control of trust funds linked to the company.
  • Next Czech elections will be held on October 8 and 9 2021; President Milos Zeman previously indicated that he wanted to avoid early elections.
  • At 2pm (London time), President Zeman meets Ivan Bartos, the leader of the opposition Pirate Party that is seeking to trigger early elections.
  • President Zeman will then meet with Finance Minister Alena Schillerova at 3.30pm.
  • Next important data to watch in the first estimates in Q1 GDP on April 30, which is expected to contract by -2.6% YoY following a 4.8% drop in Q4 2020.

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