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Order Books Contract at Sharpest Rate in 18 Months

POLAND
  • Manufacturing PMI data this morning came in ahead of expectations (52.4 vs. Exp. 51.9), slowing slightly from March’s 52.7. Markit highlighted supply-side issues, high levels of inflation and market instability as threats to sentiment. Order books fell for a second successive month and fell at the sharpest rate since November 2020.
  • In a poll conducted by Parkiet, local economists see the NBP raising rates by 100bps to 5.50% on Thursday – in line with market consensus.
  • Rzeczpospolita reports that Poland can't count on EU support from any new funds dedicated specifically to war refugees, with the unblocking of EU recovery funds for Poland still requiring a reversal of the Polish judiciary reform, in line with the relevant CJEU verdict, citing the EU commissioner for Home Affairs.
  • Cabinet minister Stanislaw Szwed told PAP this weekend that Poland are to raise the minimum monthly wage by ~ PLN 400 in 2023. New wage settings will be made on Jan 1st and Jun 1st next year. The current minimum monthly wage sits at PLN 3,010.
  • After-market on Friday, Poland was affirmed at A2 with Moody’s with the outlook remaining stable.
  • Following her trip to Kyiv, US House Speaker Pelosi visits President Duda today, and the NBP release their Q2 lending report at 10am local time (0900BST).

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