ECONOMY
-Financial analysts part of CFA Romania project a 6.28% inflation rate while expect the Romanian leu to drop to 5.0541 units/Euro in the next 12 months.
-Romania’s banking system saw a record net profit of more than RON10 billion (EUR2 billion) in January-September 2023, more than 40% higher than the nine-month profit in 2022, Ziarul Financiar reported.
-Romania’s new pension law could result in a less favourable sovereign debt trajectory and weaken fiscal credibility over the medium term if implemented as planned and without offsetting measures, Fitch Ratings says
COMPANIES
In 2022, 51.1% of the total active enterprises in Romania had as main activity market services, data from the National Institute of Statistics (INS) showed. The highest average number of employees was registered in the market services sector, representing 38.0% of total.
CAPITAL MARKET
-The Bucharest Stock Exchange is the only European stock exchange in Top 5 global IPOs unfolded so far this year. Hidroelectrica’s $2 billion offer placed BVB in the 4th place in the global ranking according to the value of an initial public offering registered in the first 3 quarters this year.
-Romania’s finance ministry announced that it would carry out a new issue of Fidelis government bonds for retail investors between November 27 and December 15, 2023.
REAL ESTATE
Bucharest’s Calea Victoriei (Victory Avenue), has kept its 40th spot in 2023 in a ranking of the world’s 50 most expensive shopping streets, according to a report by Cushman & Wakefield Echinox.
TODAY’S MARKET
EXCHANGE RATES
| EUR 4.9703 | GBP 5.7252 |
| USD 4.5559 | CHF 5.1562 |
| BGN 2.5412 | MDL 0.2560 |
(Source: National Bank of Romania BNR)
BUCHAREST STOCK EXCHANGE (BVB) INDICES
| BET 0.00%, BET-TR 0.00%, BET-FI -0.40%, BET-NG 0.30%, BET-XT 0.03%, BETXT-TR 0.02%, BET-BK -0.24%, RO-TX -0.30%, BETAeRO 0.04% |
CAPITAL MARKET COMMENTARY
| Bucharest stocks ended week mixed in lower turnover after Bundesbank President Joachim Nagel said the European Central Bank must resist any temptation to cut interest rates early. Elsewhere, Bank of England’s chief economist Huw Pill told the Financial Times that it was too early to declare victory in the battle against high inflation. |
