Category Archives:Other

Budget Deficit Close to 80% of Full-Year Target

Hungary’s cash flow-based budget, excluding local councils, ran a 1,081.4 billion forint (EUR 3.4bn) deficit at the end of April, the economy ministry said in a preliminary release. Pre-financing for EU projects drove the rise, the ministry said.

The deficit reached 79.5% of the 1,360.7 billion forint full-year target. The central budget was 1,119.5 billion forints in the red and separate state funds had a 7 billion deficit. The social insurance funds had a surplus of 45.1 billion forints. Alone in the month of April, budget deficit came to 209.4 billion forints.

For details click: https://hungarytoday.hu/budget-deficit-close-to-80-of-full-year-target/

Tory Tensions Flare as Brexit Moderates Push Customs Compromise

Conservative tensions over Brexit erupted again on Sunday as a senior U.K. minister fueled speculation that Theresa May may be planning to revive a customs plan rejected by euroskeptic members of the government last week.

The prime minister was outnumbered at a meeting of her inner cabinet on May 2 as pro-Brexit ministers demanded a clean break from the European Union customs regime, dismissing her plea for a compromise solution. It appeared to leave May facing a possible choice between staying in the customs union or leaving without a deal. Either could see rebels the Conservative Party destroy her government.

For details click: https://www.bloomberg.com/news/articles/2018-05-06/tory-tensions-flare-as-brexit-moderates-push-customs-compromise

Government plans to reduce Hungaryʼs deficit to zero in two years

Hungaryʼs government plans to reduce the cash flow-based general government deficit to zero by 2020, while achieving economic growth over the European Union average in 2018-2022, Minister for National Economy Mihály Varga said at the annual opening of the Hungarian Chamber of Commerce and Industry (MKIK) on Tuesday.

For details click: https://bbj.hu/economy/government-plans-to-reduce-hungarys-deficit-to-zero-in-two-years_146368

Italy Election Gives Big Lift to Far Right and Populists

Italians registered their dismay with the European political establishment on Sunday, handing a majority of votes in a national election to hard-right and populist forces that ran a campaign fueled by anti-immigrant anger.

The election, the first in five years, was widely seen as a bellwether of the strength of populists on the continent and how far they might advance into the mainstream. The answer was far, very far.

For details click: https://www.nytimes.com/2018/03/04/world/europe/italy-election.html?rref=collection%2Fsectioncollection%2Feurope&action=click&contentCollection=europe&region=stream&module=stream_unit&version=latest&contentPlacement=1&pgtype=sectionfront

Asian Stocks Rise as Traders Weather Higher Yields: Markets Wrap

Asian stocks look set to close out a lackluster week on a positive note on Friday as investors continue to debate the outlook for central bank policy normalization and the impact of higher bond yields.

The MSCI Asia Pacific Index rose as equities climbed in Tokyo, Hong Kong, Sydney and Seoul. The U.S. offered little fresh direction overnight, with the S&P 500 Index closing just in the green, after losing most gains for a fourth straight day in afternoon trading. The dollar, which has got some support this week from higher Treasury yields, dropped on Thursday and is little changed Friday. Ten-year U.S. yields remain near their highest since 2014.

For details click: https://www.bloomberg.com/news/articles/2018-02-22/asian-stocks-set-to-edge-higher-dollar-slides-markets-wrap

Stocks try a tentative bounce, bonds fret on U.S. inflation

Asian share markets found a semblance of calm on Monday as S&P futures extended their bounce, though global investors were still fretting about the risks from looming U.S. inflation data after last week’s sharp sell-off. MSCI’s broadest index of Asia-Pacific shares outside Japan crept up 1 percent, having suffered a 7.3 percent drubbing last week.

Both South Korea and China gained 1.2 percent, while Japan’s Nikkei was closed for a holiday.

E-Mini futures for the S&P 500 rose 0.6 percent, adding to a late bounce on Friday. European bourses were expected to open with solid gains, with futures for the London FTSE already up 1.4 percent.

For details click: https://www.reuters.com/article/us-global-markets/stocks-try-a-tentative-bounce-bonds-fret-on-u-s-inflation-idUSKBN1FW00K

EC ups Hungary 2018 GDP growth forecast to 3.7%

The European Commission (EC) raised its projection for Hungaryʼs GDP growth this year to 3.7% in a fresh forecast yesterday. The projection was raised from 3.6% in the previous forecast released in November. The EC publishes such forecasts three times a year.

The ECʼs figure compares to the official Hungarian government forecast for GDP growth in 2018 of 4.3%. The EC forecasts 2019 GDP growth at 3.1%, compared to the government forecast of 3.8%, noted state news agency MTI.

For details click: https://bbj.hu/economy/ec-ups-hungary-2018-gdp-growth-forecast-to-37_145104

Hungarian Exodus: Examining Europe’s Falling Population from an Economic Perspective

Since Johann Herder, Hungarians have been frightened of ‘national death’. In his diary, the 18th century German philosopher predicted that the Hungarian language, and with it the Hungarian nation, would disappear and become assimilated by surrounding Slavic peoples; this prophecy caused considerable uproar in Hungary, and has shaped the country’s self-image, and beliefs about its regional role, ever since. Fortunately, the prophecy hasn’t become true, and seems to be no longer a threat, simply because those other Slavic people around us are dying out as well; therefore, there is no place to become assimilated.

For details click: http://hungarytoday.hu/news/hungarian-exodus-examining-europes-falling-population-economic-perspective-33519

Oil Holds Gains Near 3-Year High as U.S. Stockpiles Extend Drop

Oil is extending gains after climbing more than 12 percent last year as the Organization of Petroleum Exporting Countries and its allies cut output to trim a global glut. However, the recent surge in WTI may lead to expanded U.S. output. The drill rig count will “substantially increase” with crude prices between $61 and $65 a barrel, according to 42 percent of industry executives that responded to a Dallas Federal Reserve survey last month.

For details click: https://www.bloomberg.com/news/articles/2018-01-04/oil-holds-gains-near-3-year-high-as-u-s-stockpiles-extend-drop