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Producer Prices Fall 1.3% m/m in June

HUNGARY
  • Hungary’s parliament will hold a meeting where Sweden’s NATO accession is likely to be discussed. Parliament is unlikely to vote on the motion though as Prime Minister Orban’s lawmakers, who hold a two-thirds majority in the chamber, have rejected ratification during the summer recess. The meeting will take place at 1200BST/1300CET.
  • Hungary's producer prices fell 1.3% m/m in June versus a 1.6% drop in May, according to figures released by the Central Statistical Office this morning. Producer prices rose 6.4% y/y compared to +11.2% the month prior.
  • The EU’s position that conditions for peace talks between Ukraine and Russia are not in place is "hypocritical and self-destructive", Foreign Minister Peter Szijjarto said on Saturday as per MTI, urging for a ceasefire and negotiations. He added that he regretted that Europe had "sunk into war psychosis" and that the community's foreign policy was "restricted to that single topic".
  • There are no more economic releases on the docket today. Looking ahead to the rest of the week, the following data is of note:
    • 01/08: Trade Balance Data (Prior: +EUR1089m)
    • 01/08: Manufacturing PMI (Est: 46.0; Prior: 44.2)
    • 04/08: Industrial Production Data (Est: -5.3% y/y; Prior: -4.6%)
    • 04/08: Retail Sales Data (Est: -9.6% y/y; Prior: -12.3%)
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