Fresh Covid cases dent sentiment in Asia as Turkish lira surges Chinese retail sales widely missed expectations for April, while factories slowed growth
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Turkey’s lira recovered from near record lows on Monday, as the country lifted some Covid-19 restrictions, while gains in most other emerging market assets were capped by concerns over rising virus cases in Asia, and disappointing Chinese data.
The lira rose about 1.4 per cent to 8.3256, leading gains across Europe, the Middle East and Africa (EMEA), after the government said it will allow movement during the day after a strict lockdown imposed nearly three weeks ago.
The National Bank of Hungary is likely to leave interest rates unchanged next Tuesday after a recent increase in closely watched inflation measures and continued volatility in prices and financial markets.
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BUDAPEST (Reuters) - Hungarian car dealer Realszisztema has shelved plans to build a $1.7 million service facility and warehouse. Auto supplier AGC Glass Hungary, too, is turning away from expansion ambitions as it faces a future of fewer workers and sliding sales.
FILE PHOTO: Hungary s Prime Minister Viktor Orban arrives for the first face-to-face EU summit since the coronavirus disease (COVID-19) outbreak, in Brussels, Belgium July 19, 2020. John Thys/Pool via REUTERS
The companies are part of an auto industry that until recently had been a mainstay of a strong Hungarian economy, and a sector that Prime Minister Viktor Orban has hailed as a testament to his stewardship of the nation.
Base rate 0.6%, O/N deposit rate -0.05% Decision in line with expectations Vice Governor has flagged cautious policy Bank expects to overshoot CPI target in Q2
BUDAPEST, Jan 26 (Reuters) - The National Bank of Hungary (NBH) left interest rates unchanged on Tuesday as it expects inflation to pick up, and has pledged to increase its weekly government bond purchases.
The bank said it would reallocate liquidity from its collateralised lending facility towards government securities purchases while keeping its monetary policy stance unchanged.
“The Bank will continue to apply a flexible approach to the amount of its weekly government securities purchases, increasing its direct purchases in the secondary market relative to the past,” the Monetary Council said in a statement.