January temperature records broken across Europe

Anna Fleck for Statista January 5, 2023

Eight countries in Europe recorded all-time high temperature records for January on New Year’s Day this year. The following data draws from the visualization of meteorologist Scott Duncan and reports by the BBC, Statista reports.

THE MITTELEUROPEAN VIEW: Western banks go back to square one in CEE

Gunter Deuber of Raiffeisen Research December 21, 2022

Major Western banks had already adjusted their regional portfolio allocations back to Central Europe so the Ukraine war has not forced a complete reassessment of business strategies.

Hungary’s economy minister expects inflation to peak at 27% next year

Tamas Csonka in Budapest December 16, 2022

While inflation is now at its plateau or on a descending path in Europe, it is still on its way up in Hungary.

ING: Europe is pushing climate-friendly travel

Diogo Gouveia sector economist with ING, Rico Luman senior sector economist with ING December 16, 2022

To reduce carbon emissions, Europe aims to transition travellers from planes to trains. Its extensive rail network and the growing consumer demand for greener transport solutions provide a clear opportunity.

ING: EU reaches deal on world’s first carbon border tax

Ewa Manthey Commodities Strategist based in London for ING December 15, 2022

EU policymakers have provisionally agreed this week to introduce the world’s first carbon border tax in a push to encourage cleaner industrial production globally and protect its domestic industry.

Hungary’s automotive sector output climbs 32% y/y in October

Tamas Csonka in Budapest December 15, 2022

Headline industrial output growth confirmed at 5.9% in September, slowing after two consecutive months of double-digit growth.

Hungary scrambles to save country’s largest steelworks

Tamas Csonka in Budapest December 15, 2022

UK's Liberty Steel is reportedly in talks with government about buying ISD Dunaferr, which is poised to go into liquidation.

Start of a new super cycle – fat and flat for 2023?

Ben Aris in Berlin December 15, 2022

The global economy has been through some enormous changes in recent years, leading investors and analysts to believe we are at the start of a new high-inflation, lower-growth super-cycle that could last for as long as a decade.

IMF: Global food prices to remain elevated amid war, costly energy, La Niña.

Ervin Prifti . December 14, 2022

Interest rate hikes have eased price pressures, but the weather, war and material costs could keep food prices elevated for longer,

Who is winning the sanctions war?

Ben Aris in Berlin December 14, 2022

In December the EU commissioned a secret report to assess just how badly the war in Ukraine, and the polycrisis it is fuelling, is hurting Europe’s economy. Good news: Europe is doing OK; bad news: so is Russia.

Analysts say Turkmenistan told US diplomats ‘it’s not interested’ in Caspian gas-to-Europe connector project, wants major pipeline

Will Conroy in Prague December 13, 2022

Ashgabat said to be signalling that “it won’t get out of bed for anything less”.

Poland and Hungary chart different roads to accessing EU funds

Wojciech Kosc in Warsaw December 13, 2022

Poland has its Cohesion Funds approved, while part of Hungary's is frozen, but both will have to meet conditions to get recovery funds released.

EU ambassadors reach megadeal on global minimum tax, Ukraine aid and Hungary’s RRF funds

Tamas Csonka in Budapest December 13, 2022

The deal will help Hungary fill its yawning budget deficit and should steady the forint, the EU's worst performing currency this year.

Ninth package of sanctions on Russia bogged down in debate

bne IntelliNews December 13, 2022

Debate of what should go into the EU’s ninth package of sanctions is bogged down in disagreement. EU foreign ministers met on December 12 to think up more measures to punish Russia for its war in Ukraine, but could not agree on how best to do this.

IMF: Riding the global debt rollercoaster

Vitor Gaspar Paulo Medas and Roberto Perrelli for the IMF December 13, 2022

Global debt remained above pre-pandemic levels in 2021 even after posting its steepest decline in 70 years, underscoring the challenges for policymakers.

NEMETHY: The case for gold today – again

Les Nemethy CEO and founder of Euro-Phoenix Financial Advisors December 12, 2022

In April 2021 gold was sitting around a price of $1,700; as of December 10, 2022 it is now approaching $1,800. Relative to just about every other asset class, this is not a bad performance.

EU Council adopts €18bn aid for Ukraine despite veto by Hungary

bne IntelliNews December 12, 2022

The EC agreed that each member state will take on financial responsibility individually and the money will not be lent at EU level, to avoid the Hungarian veto.

COMMENT: The EU system is adjusting to permanent tension with Orbán’s Hungary

Milan Nic and Andras Racz of DGAP December 9, 2022

The Commission’s proposal to condition large parts of the EU aid flow on reaching rule of law-related milestones offers unprecedented leverage over Budapest. It should not be afraid to use this.

Hungary's CPI rises to 26-year high in November

Tamas Csonka in Budapest December 9, 2022

Consumer prices rose 22.5% y/y in November, accelerating from a 21.1% increase in the previous month.

ING: Hungary starts fourth quarter on a bad footing

Peter Virovacz is a Senior Economist with ING in Hungary December 8, 2022

The many economic challenges have begun to surface and become measurable. The performance of industry and retail sales was subpar in October, suggesting a tough fourth quarter.