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Ruling Lawmakers to Begin Discussions Over New President

HUNGARY
  • Hungarian ruling party lawmakers start a two-day countryside retreat today, where they are set to discuss a replacement for Katalin Novak. Meanwhile, another demonstration is planned in Budapest over the controversial presidential pardon which led to her resignation, following similar protests last Friday.
  • Bloomberg reported late yesterday evening that Hungary levied a fine on six opposition parties over allegations of illegal campaign financing, stripping them of crucial funding ahead of European Parliament and local government elections later in the year. The State Audit Office fined the parties a combined sum of more than HUF 520m, or $1.4m, according to a statement.
  • Looking ahead, average gross wage data (Est: +13.8% y/y; Prior: +13.9%) is on the docket tomorrow morning, while unemployment rate figures (Est: 4.3%; Prior: 4.2%) will cross on Friday.
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