WARSAW Poland's biggest oil refiner, state-run PKN Orlen, unexpectedly announced on Thursday that it plans to take over state utility Energa to strengthen its position in the electricity market.
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.
* Opposition criticises PiS on rule of law, economy
(Adds result of confidence vote)
WARSAW Poland's Finance Minister Jerzy Kwiecinski said on Friday it would be good if state-run financial institutions could look into a possible takeover of mBank , the country's fourth largest lender by assets.
By Marton Dunai and Alicja Ptak
BUDAPEST/WARSAW, Oct 4 Polish stocks led mild
regional gains on Friday after a court ruling seen less
unfavourable to the country's financial sector than expected
pulled prices higher, with some bank stocks jumping as much as 5
The European Union's top court on Thursday ruled in favour
of Polish consumers who took out mortgages in Swiss Francs,
allowing them to ask courts to convert loans into the local
zloty currency in a blow for lenders.
Changing the terms of the loans, which had become
prohibitively expensive after the Swiss franc jumped in value,
means Polish banks will have to refund some customers, but
removal of uncertainty about the outcome was greeted with relief
The WIG banks index was up 1.2 percent in early
Friday trading. Millennium was up nearly 5 percent,
while other affected bank stocks posted more moderate gains. The
overall stock market added 1.1 percent, outpacing gains
elsewhere in the region, which stayed below 1 percent.
The ruling was also expected to have a mildly positive
effect on the zloty, although as the initial relief wears off
the lack of clarity in the medium-term may come back to haunt
Polish markets once again.
"We believe that, after the ruling, the (Polish) currency
may gain a little bit in a short-term," Santander said in a note
to clients. "However, the reality is that uncertainty... has not
disappeared, which in the medium-term may exert a slightly
negative pressure on the PLN."
External factors such as Brexit will creep back to steer the
exchange rate as well, the bank added.
In Hungary, the Budapest Stock Exchange suspended trading in
the shares of Opus Global, a group controlled by
Prime Minister Viktor Orban's close ally Lorinc Meszaros, for
the day, prompting market speculation about impending news.
Opus shares have added about 60% in the last two years -
while the overall market is up less than 6% - as the company has
grown into a wide-ranging conglomerate, with its first-half
revenues up fivefold since 2018. The stock has fallen far from
its all-time high set in 2018, however, as it is yet to undergo
restructuring and turn a profit.
The forint, which has recovered from record lows
set last week, was stable in morning trading but investors do
not count on significant gains against the euro, CIB Bank said
in a note.
"Forex markets are guided by a combination of unchanged
(dovish) monetary policy outlook and a hectic international
environment," CIB said.
After Poland's September inflation came in below
expectations this week, Hungary and the Czech Republic also
publish their own figures next week, providing some guidance for
regional monetary moves.
CEE SNAPSHOT AT
MARKETS 1020 CET
Latest Previous Daily Change
bid close change in 2019
Czech 25.7130 25.7010 -0.05% -0.02%
Hungary 332.3000 332.3700 +0.02% -3.37%
Polish 4.3265 4.3298 +0.08% -0.85%
Romanian 4.7490 4.7488 -0.00% -2.00%
Croatian 7.4200 7.4160 -0.05% -0.13%
Serbian 117.3100 117.4700 +0.14% +0.84%
Note: calculated from 1800 CET
Latest Previous Daily Change
close change in 2019
Prague 1008.47 1005.480 +0.30% +2.22%
Budapest 39758.33 39547.59 +0.53% +1.58%
Warsaw 2122.33 2099.30 +1.10% -6.78%
Bucharest 9446.11 9429.07 +0.18% +27.93%
Ljubljana 861.19 857.59 +0.42% +7.08%
Zagreb 1925.13 1926.05 -0.05% +10.08%
Belgrade <.BELEX15 743.52 744.19 -0.09% -2.39%
Sofia 564.52 565.90 -0.24% -5.04%
Yield Yield Spread Daily
(bid) change vs Bund change
2-year <CZ2YT=RR 1.2750 -0.0980 +203bps -10bps
5-year <CZ5YT=RR 1.0860 -0.0240 +191bps -2bps
10-year <CZ10YT=R 1.3140 -0.0110 +191bps +0bps
2-year <PL2YT=RR 1.4900 -0.0080 +225bps -1bps
5-year <PL5YT=RR 1.6600 -0.0260 +248bps -2bps
10-year <PL10YT=R 1.8980 -0.0350 +249bps -3bps
FORWARD RATE AGREEMEN
3x6 6x9 9x12 3M
Czech Rep < 2.21 2.13 1.99 2.16
Hungary < 0.26 0.31 0.34 0.21
Poland < 1.73 1.70 1.67 1.72
Note: FRA are for ask prices
(Reporting by Marton Dunai; Editing by Alex Richardson)
WARSAW Poland's ruling nationalists promised on Saturday to raise funding of the health service, another hefty spending pledge in an election campaign where they have sought to position themselves as champions of the welfare state.
WARSAW, Sept 28 Poland's ruling nationalists
promised on Saturday to raise funding of the health service,
another hefty spending pledge in an election campaign where they
have sought to position themselves as champions of the welfare
LUBLIN Alicja Sienkiewicz was attending a gay pride event in the Polish city of Bialystok in July when a group of young men shouting expletives surrounded her wheelchair and hurled firecrackers. | Video
LUBLIN, Sept 26 Alicja Sienkiewicz was attending
a gay pride event in the Polish city of Bialystok in July when a
group of young men shouting expletives surrounded her wheelchair
and hurled firecrackers.
By Joanna Plucinska, Koh Gui Qing, Alicja Ptak and Steve Stecklow