CEEMEA Week Ahead

This report outlines the upcoming economic agenda for the CEEMEA region, focusing on monetary policy decisions in Ukraine, Czechia, and Russia, and key inflation releases in Israel, South Africa, and Poland.

Key Takeaways

• 1.NBU expected to hold, CNB expected to hike 25bp, and CBR expected to cut 50bp.
• 2.Goldman Sachs remains bullish on South African Government Bonds (SAGBs) citing fiscal credibility improvements.

Table of Contents

• CEEMEA Week Ahead: NBU on Hold, CNB to Hike by 25bp, CBR to Cut by 50bp; CPI in Israel and South Africa; Current Account in Nigeria
• Ukraine: NBU on Hold, With Risks Tilted Towards a Hike
• Czech Republic: In a Close Call, We Expect CNB to Deliver a 25bp Hike
• Russia: CBR to Cut by Another 50bps as Inflation Surprised to the Downside
• Israel: Headline CPI to Rise from +1.9% yoy to +2.2% yoy, Entirely Due to Base Effects
• South Africa May CPI: 4.5%yoy (cons: +4.7%yoy) and 3.6%yoy core (cons: +3.8%yoy)
• Nigeria: Q1 Current Account Surplus to Increase to US$4.9bn
• Conviction Macro Views
• South Africa: Constructive on SAGBs as Authorities Restore Fiscal Credibility

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