Hungary
Hungary Holds Rates, Signals Cautious Path
Hungary’s MNB keeps rate at 6.5%, prioritising disinflation and forint stability; markets steady as core CPI, wages, and EU funds guide 2026 outlook. (EURHUF, DXY, CL=F)
Luxembourg
Luxembourg Nudges Fuel Prices Higher
Luxembourg lifts administered diesel and heating-oil caps to reflect higher import costs; inflation impact limited if CL=F and ICE gasoil prices stay stable. (DXY, CL=F)
Slovenia
Slovenian Consumer Confidence Edges Higher
Slovenian consumer confidence rises y/y as inflation cools and labour market stays firm; improving sentiment points to mild Q4 consumption lift amid tight credit and stable DXY, CL=F.
Czech Republic
Czech PX Edges Higher as Banks, Energy Lift Tape
Czech PX gains on bank and energy strength as CZK holds steady; CNB seen nearing end of easing cycle while DXY and Brent steer regional risk tone and equity earnings outlook. (DXY, CL=F)
Serbia
Serbia’s Refinery Strain Exposes Sanctions Risk
Serbia’s NIS faces crude disruption under new U.S. sanctions; rerouting delays could tighten fuel markets, pressure EURRSD, and lift inflation risk. (CL=F, DXY)
Bulgaria
Bulgaria shields fuel supplies
Wholesale rack spreads vs ICE gasoil and Brent (CL=F) are key; EU guidance will shape flows. DXY, CL=F.
Russia
Russia Cuts Rate 50 bps to 16.5%
Russia trims policy rate 50 bps to 16.5% as inflation eases to 5.6%; ruble steady near 93; Brent $89 supports revenues; tight stance likely through 2026. (USDRUB, CL=F)
Spain
Spain Adds 118K Jobs as Labour Strength Endures
Spain adds 118K jobs in Q3 (+564K y/y) as unemployment falls to 11.2%, its lowest since 2008; IBEX 35 up 0.5%, BONO10Y steady at 3.32%. Services remain key growth engine.
Italy
Italy’s Budget Calm Reassures Markets
Italy’s 2025 budget targets 0.5% growth and 4.4% deficit; coalition truce narrows BTP–Bund spreads to 174 bps, lifting FTSE MIB 0.8% as EU scrutiny eases.
United Kingdom
UK Retail Recovery Steadies Sterling and FTSE
UK retail sales +0.5% m/m steady FTSE 100 at 8,250 and GBPUSD 1.286; BoE seen easing in early 2026 as inflation near 3.4% supports soft-landing narrative.
Portugal
Portugal PMI Reaches 17-Month High
Portugal’s PMI rises to 52.2 — a 17-month high — as services lift recovery and inflation cools; investors eye reforms to turn momentum into lasting growth. (EURUSD, CL=F)
Portugal
Yields and PSI Index Hold Steady in Lisbon
Portugal’s OE-2026 budget steadies markets; deficit 2.8%, yields flat, and fiscal prudence reinforces investor confidence heading into 2026. (PT10Y, EURUSD)