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COUNTRY INSIGHTS

Good inflation figure reported for November
HUNGARY · In Brief · 09 Dec 2023

The KSH published the November CPI-inflation data yesterday. We skipped the day without releasing a note on it for two reasons: 1) Essentially everything came out as expected; and 2) The Hungarian analyst was busy surviving the first few days of his now regular once-a-year hit from Covid, apparen...

November inflation: BSP at a crossroads?
PHILIPPINES · In Brief · 09 Dec 2023

Early last week, the Philippine Statistics Authority (PSA) released the November 2023 headline inflation rate, and it must have caused early holiday rejoicing to both the Philippines’ National Government (NG) and the Bangko Sentral ng Pilipinas (BSP). At 4.1%, last month’s inflation rate is the 3...

Azerbaijan and Armenia exchange prisoners
RUSSIA / FSU POLITICS · In Brief · 09 Dec 2023

On December 7 the countries released some prisoners of war. They published a statement saying they will enact measures to build mutual confidence and that they both hope for permanent peace. It mentioned territorial integrity, which Azerbaijan understands to mean that Armenia recognizes Nagorno-K...

Putin announces he will run for president in 2024
RUSSIA / FSU POLITICS · In Brief · 09 Dec 2023

On December 8 he made the announcement, flanked by soldiers who had served in the Ukraine War. We predicted this earlier that day. He announced his candidacy at an award ceremony for war veterans. At the ceremony Putin was requested to seek re-election by the governor of one of the Russian occupi...

Webinar replay: Latin America in 2024 - Another big year
COLOMBIA · Report · 08 Dec 2023

Colombia, Brazil, and Mexico look on track to finish the year among the top three best performing FX and rates markets in EM in 2023. Can this be sustained in 2024, when political developments are set to be crucial in driving sentiment and asset prices across the region? Visit our calendar page ...

The government hopes to finalize the vote on the ICMS subsidy next week, a session of Congress is scheduled to analyze presidential vetoes, and the Copom will meet for the last time this year to decide on the Selic rate
BRAZIL POLITICS · Report · 08 Dec 2023

Next week, the government hopes to conclude the vote on provisional measure (MP) 1185/23, which deals with the ICMS subsidy. The rapporteur, Deputy Luiz Fernando Faria (PSD-MG), included the Interest on Own Capital (JCP) changes in the text. A session of the National Congress is also scheduled fo...

TOPIC OF THE WEEK: A softer hand in pressuring Central Asia to limit exports to Russia may be delivering some (modest) payoffs
CAUCASUS / CENTRAL ASIA · Report · 08 Dec 2023

David O'Sullivan, who was appointed last December as the international special envoy for the implementation of EU sanctions, visited Astana and Tashkent last week. This was his third trip to Central Asia this year following his visits in March to Kyrgyzstan and in April to Kazakhstan. The visits ...

Aid pledges to Ukraine collapse
RUSSIA / FSU POLITICS · In Brief · 08 Dec 2023

On December 7 the Kiel Institute's Ukraine aid tracker published data that found that pledges of aim to Ukraine have fallen to their lowest ever level. Military, humanitarian and financial aid pledged to Ukraine declined 87% in August to October 2023 (EUR 2.1 billion) compared to August and Octob...

GULF WEEKLY: Moody’s upgraded Oman again, oil touched a six-month low, Saudi budgets rising debt, Putin visited Gulf
GULF COUNTRIES · Report · 08 Dec 2023 · 1 response

A skimmable summary overlaid with our analysis and links. Headlines: * Brent oil touched $74, the lowest in nearly six months, as demand worries eclipsed OPEC+ cuts. * The UAE tabled a new Gaza ceasefire resolution at the UN, after a rare request from UNSC Guterres. * Gulf states displayed u...

Alibaba and China’s property collapse
CHINA ADVISORY · Report · 08 Dec 2023

How will China’s property crisis end? With a whimper or a bang? One advantage China has is geographical and financial diversity. China’s 22 provinces each have distinct economic attributes and are economically quite diverse, mainly because they raise and spend the majority of their own revenue...

Russia sets March 17 for presidential election
RUSSIA / FSU POLITICS · In Brief · 08 Dec 2023

On December 7 the Russian Federal Council approved the date for 2024. Anti-corruption campaigner Alexey Navalny said from jail people should vote for anyone but Putin. Navalny said that the election would be rigged but people should vote nonetheless. He said it is a referendum on the war. A ''Rus...

South Africa’s current account deficit moderates
SOUTH AFRICA · Report · 07 Dec 2023

Current account data released by the South African Reserve Bank (SARB) today indicates that, in the third quarter of 2023, the deficit in South Africa’s current account narrowed significantly, from R185.2 billion in the second quarter to R19.3 billion. Relative to GDP, the current account deficit...

Russia: a brief market watch
RUSSIA ECONOMICS · In Brief · 07 Dec 2023

The situation on the FX market has changed during the last couple of weeks. After some period of strengthening, which was triggered by a fresh version of partial capital controls, such as compulsory sales of export earnings introduced in mid-October, the ruble started to weaken and almost reached...

Two new stories: November CPI and EU funds
HUNGARY · In Brief · 07 Dec 2023

November data for CPI-inflation is due tomorrow. Following 9.9% yoy for the headline rate in October, Portfolio.hu's usual analyst poll has come out with median expectation of 8.2% yoy, within a 7.8-8.4% yoy range, to be followed by by a 6.2% yoy median expected for December, the latter within a ...

Deputy Faria should submit his report on the ICMS MP, a session of Congress was scheduled for next week to analyze presidential vetoes, and Tarcísio Freitas was able to approve the privatization bill for Sabesp in São Paulo
BRAZIL POLITICS · Report · 07 Dec 2023

The submission of Deputy Luiz Fernando Faria's (PSD-MG) report on the provisional measure (MP) nº 1,185/23, which deals with the ICMS subsidy, was postponed from yesterday to today. As a request to review the text will likely be submitted, the vote should be postponed to next week. A session of t...

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