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Navracsics to Meet EU Commissioners; Industrial Production Plunges 4.6%

HUNGARY
  • EU Funds Minister Tibor Navracsics will hold a briefing after meeting EU Commissioners in Brussels at 1145BST/1245 local time, as per Bloomberg. As a reminder, Mar 31 marked the deadline for Hungary to present legislative changes to the EU, which is one step toward unlocking monies frozen over cohesion and rule-of-law concerns. "I trust that we'll approve the draft legislation in the coming week, and I also trust that those changes will be in line with the [European] Commission's expectations," Navracsics said on Mar 23.
  • Hungary’s industrial production plunged 4.6% y/y in February after a revised 3.3% contraction in January, significantly missing expectations of a 1.5% drop. The data will raise concerns of a deepening recession, with inflation still above 20%. Retail sales data (Est: -5.9% y/y, Prior: -4.5%) is on the docket tomorrow morning.
  • The decision to invite Ukraine to a meeting of NATO foreign ministers undermines the principle of the alliance's unity, Foreign Minister Peter Szijjarto said as cited by MTI, adding that Hungary would only support the nation’s aspirations for integration if it restored the rights of its Hungarian minority.
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