GlobalSource Partners | Country Insights

* The fiscal deficit reached 11.1% GDP in the LTM; we expect a deficit of 11.8% this year. * Private consumption indicators point to a strong rebound in November, and consumer confidence has improved modestly as well. * Total disposable income (including government support) of workers ac...

Moldova strips president-elect of security service control

RUSSIA / FSU POLITICS · In Brief · 07 Dec 2020

On December 4 Parliament passed a law stating that the incoming President Maia Sandu will have no authority over the intelligence services. Instead Parliament will control these services. It is suspected that the security services are sympathetic to Russia. The Socialist Party (which is pro-Russi...

Something has to give

TURKEY · Forecast · 06 Dec 2020 · 1 response

A supportive global backdrop, combined with the recent changes in economic management, a rate hike and a somewhat more helpful posturing by President Erdogan vis-à-vis reforms on the domestic front, have created, rightly so, a more constructive investor sentiment toward Turkey. But make no mis...

US law targets Russian doping

RUSSIA / FSU POLITICS · In Brief · 06 Dec 2020

On December 6 Trump signed a law that empowers US law enforcement to arrest and prosecute those suspected of doping in sport anywhere in the world is US athletes, sponsors or broadcasters are involved in the competition. The Rodchenkov Act was passed on December 4. The World Anti Doping Agency (W...

Private consumption rebounds in November

ISRAEL · In Brief · 06 Dec 2020

Highlights: Economic indicators continue to point to a gradual recovery Credit card purchases increased by 20% in November due to the partial opening up of the second closure. The data is not seasonally adjusted, we estimate this reflects a 10% growth (sa). Expansion of private consumption will s...

Polish government is moving in a zigzag, Hungary holds its position firmly

HUNGARY · In Brief · 05 Dec 2020

Just one day after Polish deputy PM Gowin told the press his government could back away from its fiscal veto if the EU issued some legal assurances on the rule-of-law mechanism, the same government's speaker said that his words were mistranslated or misinterpreted but anyway misunderstood, as he ...

US asks EU to stop Nord Stream 2

RUSSIA / FSU POLITICS · In Brief · 05 Dec 2020

On December 4 Washington DC asked EU countries to block the undersea gas pipeline from Russia to Germany. The US fears that Russia will have energy blackmail over Europe. Congress is mulling more sanctions to be passed in January.Work on the pipeline stopped 12 months ago. US sanctions on any ent...

Parliament approves criminal responsibility for inaccurate declarations, multiple loopholes have been created

UKRAINE · In Brief · 05 Dec 2020

Yesterday, on Dec 4th Verkhovna Rada voted in the law which returns criminal responsibility for inaccurate declarations. The relevant provision of the Criminal Code had been previously canceled by the Constitutional court. However, the newly approved version of the law creates multiple loopholes ...

Legal disaster for Russia

RUSSIA / FSU POLITICS · In Brief · 04 Dec 2020

On December 4 the Dutch Supreme Court ruled that shareholders in Yukos can continue their case seeking USD 50 billion in compensation. The court rejected Russia's bid to suspend enforcement of an earlier judgment. There will be another hearing in the Dutch Supreme Court in early 2021. In late Nov...

OPEC+ agrees to increase production

RUSSIA / FSU POLITICS · In Brief · 04 Dec 2020

On December 3 OPEC+ said that oil output will increase in January 2021 by 500 000 bpd. That is a change to its previously agreed timetable for quota relaxation.Saudi Arabia had wanted a 2 million bpd increase. Russia wanted to only raise production once oil prices reached close to their pre-coron...

Venezuela webinar featuring Ruth Krivoy - Is Biden a game changer for Venezuela?

VENEZUELA · Report · 04 Dec 2020

In our webinar, Ruth Krivoy discusses the implications of a Biden US presidency on Venezuela and the economic, political and market outlook for the country in 2021, as well as recent developments such as the country's resumption of direct oil shipments to China.

GULF WEEKLY: OPEC tapers by 0.5m b/d, PMIs rise strongly, hopes for Saudi-Qatar deal

GULF COUNTRIES · Report · 04 Dec 2020

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * Oil rallied on the OPEC+ decision to taper by 0.5m b/d, vs the original plan for 2m. * Biden’s Iran challenge was complicated by approval of a law rolling back nuclear com...

November inflation rises to 3.3%

PHILIPPINES · In Brief · 04 Dec 2020

Typhoon-related supply disruptions on food items pushed the headline inflation rate to 3.3% yoy, higher than the median analyst forecast of 2.7% as well as the BSP’s 3.2% high-end forecast. On average, prices went up by 1.1% month-on-month (mom), with food prices rising 2.2% attributed mostly to ...

CAATSA underway?

TURKEY · In Brief · 04 Dec 2020

The siege around Mr. Erdogan is tightening by the day.At home, he has to deal with a raging Covid-19 epidemic and rampant inflation which will require CBRT to hike rates once again, or Turkey facing another bout of currency instability. Abroad, EU may impose sanctions during 10-11 December end-ye...

Poland may give up its veto on the EU budget, leaving Hungary alone...

HUNGARY · In Brief · 03 Dec 2020

...in which case it would be terribly difficult for PM Orbán to maintain the Hungarian veto. Sorry to say, but Hungary is just too small in itself to be important enough to efficiently block such a big project as the 7-year EU budget and the recovery package attached to it.The news comes from Jar...