Citi provides a weekly roundup of CEEMEA market developments, highlighting 1Q26 earnings beats in Polish and Hungarian banks, diverging gold demand in Asia, and the macro risks posed by the Middle East conflict and Strait of Hormuz closure.
Key Takeaways
- 1.Middle East turmoil and the closure of the Strait of Hormuz are primary macro drivers, causing significant supply shocks and upward revisions to inflation forecasts.
- 2.Energy markets are transitioning to a structurally tighter regime with Brent anchored near $100/bbl, benefiting energy exporters like the UAE and Brazil while pressuring importers.
- 3.CEEMEA banks and retailers (OTP, PKO BP, Dino Polska, PZU) reported generally strong 1Q26 earnings beats, often driven by lower-than-expected provisions or robust core revenues.
Table of Contents
- Top Call
- MENA
- Must Read
- Emerging Europe
- Sector
- Strategy & Economics
- Commodities
- Fixed Income & FX
- Key Rating and Target Price Changes
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Authors
Oliver G ConnorSa'ad Chothia
Securities
ADNOCDRILL.ADBOXJ.JADNOCGAS.ADOTPBXAU
Themes
Strait of Hormuz Geopolitical RiskEM Earnings ResilienceStructural Tightness in Energy Markets
Regions
Middle EastEuropeAfricaUnited Arab EmiratesPolandTurkey