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Trade Surplus Widens Beyond Expectations

HUNGARY
  • Hungary's preliminary trade surplus widened to EUR708m in August from +EUR559m in July, beating estimates of a smaller EUR400m surplus. Exports slipped by 1.5% y/y, falling for the first time in close to two years, while imports dropped by 18.9%, declining for the fifth month in a row.
  • Economic Development Minister Nagy thanked lenders for their cooperation in implementing voluntary rate caps on new corporate and retail credit, according to MTI. The voluntary rate caps were set at 12% for working capital credit for businesses, while APRs for home loans were set at 8.5%. Nagy noted that the government had pledged to weigh the phaseout of the corporate rate cap and to start a review of the cap on retail home loans if the central bank base rate falls under 10pc.
  • Budget balance data is on the docket at 1000BST/1100CET. CPI data is the key release of the week tomorrow morning. The headline figure is seen dropping 4ppt from 16.4% y/y in August to 12.4% in September, primarily on the back of significant disinflationary base effects.
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