Daily

In today's Eyeopener

- Today NBP President Adam Glapiński’s press conference
- Polish MPC cut interest rates by 25bp, the main rate to 4.50%
- In July, services production was up 6.3% y/y
- EURPLN exchange rate remained stable, domestic bond yields decreased

In today's Eyeopener

- Today MPC decision on interest rates, German production and Hungarian inflation
- Poland’s 2024 GDP growth revised from 2.9% to 3.0%
- The number of foreigners working in Poland rose by 5.5% y/y in April
- Złoty stable, domestic bond yields a bit lower before the MPC decision

Polish Monetary Policy Council cut interest rates by 25bp, the main rate to 4.50%. Majority of analysts, us included, expected rates to stay in place. The statement offers some clues about the decision: a sentence about a gradual slowdown in corporate wage growth was added and the document mentions improved inflation outlook for the coming period (...) NBP President Adam Glapiński holds a press conference on Thursday at 1500CET and in our view may repeat that the October rate cut, the fourth this year, is yet another “adjustment, not a cycle”, to keep easing expectations in check. We expect the next rate cuts to come in January and March next year, unless we hear something from Glapiński tomorrow that makes us feel we should add more cuts to our baseline scenario.

In today's Eyeopener

- Today 2024 GDP revision, German, Hungary and Czech industry data
- Registered unemployment rate rose to 5.6% in September
- PLN and other CEE FX weaker after the morning appreciation, interest rate market stable

In today's Eyeopener:

- Today Czech inflation and Eurozone retail sales
- The ANO party won the elections in the Czech Republic but lacks enough votes to govern alone
- Global food prices slightly down, grain production forecast revised upward
- The Polish złoty ended the week stronger, domestic bond yields lower