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Alan Charlish

Amazon in Holocaust row about 'Hunters' series, anti-Semitic books

24 Feb 2020

WARSAW The Auschwitz Memorial criticized Amazon on Sunday for fictitious depictions of the Holocaust in its Prime series "Hunters" and for selling books of Nazi propaganda. | Video

In central Poland, robots replace people as minimum wage rises

23 Jan 2020

STARE MIASTO, Poland Henryk Kaminski has responded to a hike in Poland's minimum wage by automating some roles at his family's plastics factory, illustrating the risks of a policy that aims to raise living standards but could push up prices and stifle jobs growth.

CEE MARKETS-Currencies mixed as markets enter Christmas lull

20 Dec 2019

By Alan Charlish WARSAW, Dec 20 Central European currencies were mixed on Friday in thin trade as investors began to wind down for the Christmas period. With the U.S. and China set to sign phase one of a trade agreement in early January and the U.K. elections out of the way, few surprises appear to be likely over the holidays. "Honestly, mate, we're waiting for Christmas," a Warsaw-based currency trader said. "In the background you can say that the sentiment in the market is improving -- equity markets are up, there is risk-on basically across the board." A second currency trader in the Polish capital said that liquidity was low and as a result any bigger flows could move the market. By 0947 GMT the Polish zloty had gained 0.09% to 4.2582. The Hungarian forint was flat at 330.30 and the Czech crown fell 0.07% to 25.433. The Romanian leu, plagued by concern over the country's budget and current account deficits, fell 0.13% to 4.7695. Stocks inched higher in early trade before slipping into negative territory, as record-setting gains on Wall Street after news on the U.S.-China trade deal failed to boost sentiment that had been dampened this week by fresh concerns over a no-deal Brexit. At 0955 GMT Warsaw's WIG 20 was down 0.11% while Prague's PX index fell 0.21%. In Budapest the main index was little changed. Polish and Czech 10-year yields were near one-month highs, after a week in which they tracked core market yields that rose following better-than-expected business confidence data and an interest rate increase by the Swedish central bank. Polish 10-year yields rose 7 basis points versus Thursday's close to 2.106% while Czech 10-year yields slipped 1 basis point to 1.605%. "Until the end of the year, no events have been planned that could change the mood on the debt market," PKO BP analysts wrote in a note. "In the medium-term, the debt market will be strengthened, however, by the prospect of a decline in the supply of Treasury securities compared to 2019." In Poland, retail sales rose 5.9% in November, beating the 4.8% forecast in a Reuters poll. "The nominal growth of sales by 5.9% year-on-year in November is a very good result, indicating the consumption demand of households is still high," Bank Pocztowy Chief Economist Monika Kurtek said in a note. She noted, however, that the data would probably be neutral for Polish central bankers in their January decision on interest rates. CEE MARKETS SNAPSHOT AT 1041 CET CURRENCIES Latest Previous Daily Change bid close change in 2019 EURCZK= Czech 25.4350 25.4260 -0.04% +1.07% crown EURHUF= Hungary 330.3500 330.3250 -0.01% -2.80% forint EURPLN= Polish 4.2585 4.2594 +0.02% +0.73% zloty EURRON= Romanian 4.7705 4.7652 -0.11% -2.44% leu EURHRK= Croatian 7.4390 7.4393 +0.00% -0.39% kuna EURRSD= Serbian 117.3900 117.4400 +0.04% +0.78% dinar Note: calculated from 1800 daily CET change Latest Previous Daily Change close change in 2019 .PX Prague 1108.98 1111.2400 -0.20% +12.41 % .BUX Budapest 45941.50 45944.68 -0.01% +17.38 % .WIG20 Warsaw 2133.11 2133.72 -0.03% -6.30% .BETI Bucharest 9891.15 9889.74 +0.01% +33.96 % .SBITOP Ljubljana 924.91 924.15 +0.08% +15.00 % .CRBEX Zagreb 2009.89 2008.24 +0.08% +14.93 % .BELEX15 Belgrade 769.15 772.97 -0.49% +0.98% .SOFIX Sofia 555.85 555.23 +0.11% -6.49% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic CZ2YT=RR 2-year 1.7920 0.2460 +242bp +26bps s CZ5YT=RR 5-year 1.3690 -0.0540 +187bp -7bps s CZ10YT=RR 10-year 1.6050 -0.0120 +183bp -2bps s Poland PL2YT=RR 2-year 1.4720 0.0090 +210bp +2bps s PL5YT=RR 5-year 1.8210 0.0260 +232bp +2bps s PL10YT=RR 10-year 2.1060 0.0700 +233bp +6bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interba nk Czech Rep 2.27 2.28 2.27 2.18 Hungary 0.28 0.33 0.39 0.16 Poland 1.71 1.70 1.67 1.70 Note: FRA are for ask prices quotes (Reporting by Alan Charlish, editing by Larry King)

'Ticking bomb': Poland's economic progress under threat - post-communist reformer

17 Dec 2019

WARSAW Thirty years ago, Leszek Balcerowicz unleashed the "shock therapy" that put Poland on the path to rapid economic growth after decades of communist rule.

Rule of law concerns may hurt growth in Poland, Hungary, says EBRD

05 Dec 2019

WARSAW Central European countries that flout the rule of law risk hurting innovation and growth by losing out in the race to attract foreign investors, the European Bank for Reconstruction and Development's (EBRD) chief economist said on Thursday.

Rule of law concerns may hurt growth in Poland, Hungary, says EBRD

05 Dec 2019

WARSAW, Dec 5 Central European countries that flout the rule of law risk hurting innovation and growth by losing out in the race to attract foreign investors, the European Bank for Reconstruction and Development's (EBRD) chief economist said on Thursday.

Poland sees bigger state role in economy, more court reforms

20 Nov 2019

WARSAW Poland's prime minister set out plans on Tuesday to strengthen the state's role in the economy and deepen an overhaul of the justice system that has put Warsaw on a collision course with its European Union partners.

UPDATE 3-Poland sees bigger state role in economy, more court reforms

20 Nov 2019

* Opposition criticises PiS on rule of law, economy (Adds result of confidence vote)

Polish central banker Ancyparowicz expects stable rates until 2022

15 Nov 2019

WARSAW, Nov 15 Polish interest rates are likely to remain on hold until 2022, but if data pointed to a serious slowdown a rate cut would be a possibility, central banker Grazyna Ancyparowicz told Reuters.

CEE MARKETS-Currencies fall as Trump's speech dampens trade deal hopes

13 Nov 2019

By Alan Charlish WARSAW, Nov 13 Central Europe's main currencies continued to soften on Wednesday, as a better-than-expected reading on German investor sentiment was offset by U.S. President Donald Trump's speech that dashed hopes of a concrete trade deal with China. Trump on Tuesday said an initial trade deal with China could happen "soon", but offered no new details on negotiations despite rumours before the speech that he might announce a venue and date for signing the deal. "Donald Trump poured a bucket of cold water on investors' heads," PKO BP said in a note. At 0949 GMT, the Polish zloty was down 0.13% against the euro at 4.2835. The Czech crown was down 0.16% at 25.57 while the Hungarian forint fell 0.09% to 334.9. There was more positive news from Germany, a key trading partner for central European economies, as a ZEW survey showed on Tuesday that the mood among German investors improved more than expected in November. ZEW said its monthly survey showed economic sentiment among investors jumped to -2.1 from -22.8 in October. In Poland, bond yields fell across the curve in line with euro zone peers as Trump's remarks cast a shadow over recent optimism. Polish 2-year yields fell 2 basis points to 1.383% while 10-year yields fell 6 basis points to 2.097%. "In the case of long-term yields, I mean the 10-year benchmark, I would expect further declines in yields below 2.10% over the short term," said Adam Antoniak, senior economist at Pekao. The Czech Republic auctioned 2027 and 2033 bonds on Wednesday. "Relatively shallow amount offered showing the finance ministry's 2019 financing needs have been mostly covered," Komercni Banka rates trader Dalimil Vyskovsky said in a client note. "As was the case in a slightly weaker-than-expected auction two weeks ago, they are unlikely to sell anything that would be too cheap compared to the market or their own thinking." Yields on the bonds were bid up 1-5 basis points in early trading on Wednesday. Benchmark Czech 10-year yields fell one basis point to 1.564%. Stocks fell across the region, with Budapest's main index shedding 0.53% and Warsaw's blue-chip WIG 20 index falling 0.84%. Polish energy group PGE fell 4.9% after its guidance for weaker EBITDA in 2020 worried investors. CEE SNAPSHOT AT MARKETS 1049 CET CURRENCI ES Latest Previous Daily Change bid close change in 2019 Czech 25.5700 25.5300 -0.16% +0.54% crown Hungary 334.9000 334.6000 -0.09% -4.13% forint Polish 4.2835 4.2780 -0.13% +0.14% zloty Romanian 4.7645 4.7619 -0.05% -2.32% leu Croatian 7.4500 7.4475 -0.03% -0.54% kuna Serbian 117.2900 117.4450 +0.13% +0.86% dinar Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2019 Prague 1081.56 1084.110 -0.24% +9.63% 0 Budapest 43260.15 43492.33 -0.53% +10.53% Warsaw 2229.98 2248.81 -0.84% -2.05% Bucharest 9691.27 9692.81 -0.02% +31.25% Ljubljana 877.17 875.84 +0.15% +9.07% Zagreb 1971.69 1971.08 +0.03% +12.74% Belgrade <.BELEX15 766.06 762.55 +0.46% +0.57% > Sofia 558.04 558.24 -0.04% -6.13% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=RR 1.4330 0.0600 +207bps +7bps > 5-year <CZ5YT=RR 1.2830 0.0340 +185bps +6bps > 10-year <CZ10YT=R 1.5640 -0.0110 +185bps +3bps R> Poland 2-year <PL2YT=RR 1.3830 -0.0200 +202bps -1bps > 5-year <PL5YT=RR 1.7880 -0.0420 +235bps -2bps > 10-year <PL10YT=R 2.0970 -0.0590 +239bps -1bps R> FORWARD RATE AGREEMEN T 3x6 6x9 9x12 3M interban k Czech Rep < 2.26 2.25 2.17 2.18 PRIBOR=> Hungary < 0.27 0.30 0.34 0.19 BUBOR=> Poland < 1.73 1.71 1.67 1.71 WIBOR=> Note: FRA are for ask prices quotes ************************************************** ************ (Reporting by Alan Charlish in Warsaw and Jason Hovet in Prague; Editing by Rashmi Aich)

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