Macro: Update_COVID19_CEE_OverviewMeasures_08_07_2020
Recent developments:- New cases: New daily cases are rising. In CE Hungary is the only country with "contained" status. In EE the slow downward trend in new daily cases continues. Meanwhile a surge in Austria (7-day MA the highest since last April) resulted to a change in status to "not contained".
- Easing restrictions: In SEE some countries are reimposing more strict measures (limiting opening time of restaurants and bars, restricting public gatherings or imposing mandatory masks). In RU a general ban on international flights was prolonged till 1 August.
- Support measures: In PL over PLN 110 bn (ca. 65%) has already been released within the anticrisis measures. In Serbia so far the goverment spent EUr 2.3 bn, whereas banks provided EUR 2 bn in loans guaranteed by the state with total stimuli planned at 5.1 bn.
- Economic data shows low-point in April and recovery in May; however industrial output data for May disappoint in HU and CZ across the sector, with automotive hit most. Better results recorded in PL. Retails sales reboung seems stronger than assumed (PL, HU) as shoppiing acitivity was supported by easing of restrictions. Unemployment rates still stabilised in many countries by job retention schemes in place. Unemployment rate increases has so far been muted (RO, HU, PL) but may accelerate going forward.
This Research was produced and first published by Raiffeisen Bank International AG which is supervised by the Austrian Financial Market Authority and the National Bank of Austria.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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