Free Trial
CNH

USD/CNH Bid Post Lower CNY Fixing Error

RBNZ

VIEW: Westpac Lift Terminal Rate Call

BOJ

BoJ Makes Rinban Purchase Offers

BOJ

Fixed Rate Operation Offer

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Support For OVP Hits Multi-Year Low As Energy Crunch Concerns Mount

AUSTRIA

Latest opinion polling from Austria shows the centre-right People's Party (OVP), which governs in coalition with the environmentalist Greens, hitting its lowest level of support since March 2017 as public concerns mount regarding rising inflationary pressures and the potential for an energy supply crunch this winter.

  • Legislative election poll: Social Democrats (SPÖ): 31% (+2), Freedom Party (FPÖ): 23% (+1), ÖVP: 20% (-1), Neos: 11% (-1), Greens: 9% (-1), People Freedom Fundamental Rights (MFG): 4% (+1). Market-Lazarsfeld, 20/07/22, chgs w/11-13 Jul.
  • Earlier in July, the opposition right-wing Freedom Party demanded National Security Council meetings take place regarding Austria's gas reserves, which sit well below target levels for the start of the heating season in the autumn. Euractiv reported reserves stood at around 45%, compared to a summer target of 80%.
  • With 80% of Austrian gas coming from Russia, there are significant concerns about energy supplies come winter given the low flows through the Nord Stream 1 pipeline to Germany in recent weeks.
  • The concerns about supply have seen the gov't delay its exit from coal power production in June, and spend an additional EUR6.6bn on securing additional gas supplies. Both of these policies have exposed strains in the OVP-Green governing coalition, already weakened in 2021 by the political scandal that saw Chancellor Sebastian Kurz forced from office.
  • Silver lining for the Austrian gov't is that the next election is not due until 2024 at the latest, providing time for a turnaround in the country's economic fortunes before voters decide on Chancellor Karl Nehammer's party's fate.
254 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Latest opinion polling from Austria shows the centre-right People's Party (OVP), which governs in coalition with the environmentalist Greens, hitting its lowest level of support since March 2017 as public concerns mount regarding rising inflationary pressures and the potential for an energy supply crunch this winter.

  • Legislative election poll: Social Democrats (SPÖ): 31% (+2), Freedom Party (FPÖ): 23% (+1), ÖVP: 20% (-1), Neos: 11% (-1), Greens: 9% (-1), People Freedom Fundamental Rights (MFG): 4% (+1). Market-Lazarsfeld, 20/07/22, chgs w/11-13 Jul.
  • Earlier in July, the opposition right-wing Freedom Party demanded National Security Council meetings take place regarding Austria's gas reserves, which sit well below target levels for the start of the heating season in the autumn. Euractiv reported reserves stood at around 45%, compared to a summer target of 80%.
  • With 80% of Austrian gas coming from Russia, there are significant concerns about energy supplies come winter given the low flows through the Nord Stream 1 pipeline to Germany in recent weeks.
  • The concerns about supply have seen the gov't delay its exit from coal power production in June, and spend an additional EUR6.6bn on securing additional gas supplies. Both of these policies have exposed strains in the OVP-Green governing coalition, already weakened in 2021 by the political scandal that saw Chancellor Sebastian Kurz forced from office.
  • Silver lining for the Austrian gov't is that the next election is not due until 2024 at the latest, providing time for a turnaround in the country's economic fortunes before voters decide on Chancellor Karl Nehammer's party's fate.