Baltics, Poland & Russia

Expert research and analysis on the Baltic, Polish and Russian markets from Nordea Markets’ renowned analysts specialising in this complex region.

Country_Poland2

Poland Flash - Inflation stubbornly high

15 May 2012 | Piotr Bujak
CPI figures for April surprised the market on the upside.
EmergingMarkets

Baltics Q1 GDP update: Growth holding up

11 May 2012 | Annika Lindblad
GDP growth held up in the Baltic countries in Q1. This reduces fears that the slowdown in the euro area would weigh significantly on the Baltic economies this year.
Currency_RUB_Russia

Russia: CBR on hold, as expected

10 May 2012 | Annika Lindblad
The Central Bank of Russia kept interest rates unchanged today, in line with our expectations. We expect the CBR to stay on hold in the coming two months at least, but will hike rates in H2 as inflation picks up.
Country_Russia2

Central Bank of Russia - status quo for now, tightening in H2

8 May 2012 | Aurelija Augulyte
The Central Bank of Russia will not change rates and will stay on hold in the coming two months at least.
Annika Lindblad

S&P upgrades Latvia to investment grade

2 May 2012 | Annika Lindblad
Standard & Poor’s upgraded Latvia’s credit rating to investment grade (BBB-). This is positive news for Latvia and highlights the stability of the economy.
Emerging Markets

Emerging Markets FX Monocle - Calm before the storm?

24 Apr 2012 | Aurelija Augulyte
Following the good start of the year, EM currencies did not hold on to the gains. Yet the orderly gradual EM FX decline has not produced much volatility creating the impression of a bomb waiting to explode if only another “black swan” event strikes.
Currency_PLN_480x300

Poland losing momentum

12 Apr 2012 | Piotr Bujak
Economic activity indicators have shown that the Polish economy is finally losing momentum, but the slowdown this year will not be dramatic.
Anders Svendsen

Emerging Markets FX Monocle - a lot of news, little action

22 Mar 2012 | Anders Svendsen
Risk is mispriced, again. And hence caution is still essential. But unless some of the key risks actually materialise, we are most likely to see Emerging currencies drift stronger over the coming months.
Country_Poland3

Updated forecasts for Poland

7 Mar 2012 | Anders Svendsen
We are turning more optimistic on the Polish economy. The resilience so far has been surprising and now the risks coming from abroad seem to be reduced. Stronger PLN and rate cuts in the second half of the year.
Piotr Bujak

Poland Update - Time to polish up forecasts

7 Mar 2012 | Piotr Bujak
GDP data for Q4 2011 were broadly in line with estimates based on earlier released tentative data for 2011 as a whole. We have decided to revise our GDP growth forecast for Poland for this year (to 3.1% from 2.5%).
Putin

Sunday's elections of Mr Putin

27 Feb 2012 | Anders Svendsen
Putin is under pressure to secure progress for the middle class going forward and to reform. Political stability for the coming presidential term is by no means given!
Currency_PLN_Poland

Time to pretend

7 Feb 2012 | Piotr Bujak
Until the end of 2011 it has not seemed strange that the Polish central bank sounded hawkish, despite gloomy economic prospects related to Euro-area debt crisis.
Emerging Markets

Emerging Markets Outlook 2012

13 Jan 2012 | Anders Svendsen
Many interesting and globally important stories in easily digestable format.
Country_Latvia2

New Latvia Outlook

20 Dec 2011 | Anders Svendsen
Black clouds on the western horizon.
Currency_LTL_Lithuania

Lithuania Outlook

20 Dec 2011 | Anders Svendsen
Times of great belt-tightening.
Country_Russia1

Russia Update

20 Dec 2011 | Anders Svendsen
Exports will bite into growth next year, but consumers are still spending.
Country_Flag_Poland

Poland Outlook

13 Dec 2011 | Anders Svendsen
Poland will be a growth outperformer in EU again in 2012.
Country_Flag_Estonia

Estonia Outlook

13 Dec 2011 | Anders Svendsen
Broad-based cooling in Europe causes an inevitable slowdown of Estonian growth.
Piotr Bujak

Poland will weather the storm again

13 Dec 2011 | Piotr Bujak
Most of the factors that made Poland quite immune to the first wave of the global crisis will work also this time.
Country_Russia

Emerging Markets: Elections Calendar 2012

12 Dec 2011 | Anders Svendsen
Presidential election of Putin - Xi Jinping new top China official - Taiwan Strait tensions could increase - New presidents in Mexico and Korea? - The end of Chavez? - One step at a time in Egypt
Global

Outlook 2012 - kill or cure

9 Dec 2011 | Niels From
Another year is over – a new year is beginning, and kill or cure will be the theme for 2012.
Currency_PLN

New PLN forecasts

29 Nov 2011 | Piotr Bujak
Zloty hurt by higher risk aversion - ...and growing concerns about CEE - Potential risk on the horizon
Country_Bulgaria1

Western banks - the big elephant in CEE

24 Nov 2011 | Anders Svendsen
With the western banking system in trouble with liquidity and capital sufficiency, Central and Eastern Europe are also facing risks of tighter liquidity and longer-term capital withdrawal.
EmergingMarkets

Emerging Markets - from FX risks to liquidity risks

25 Oct 2011 | Anders Svendsen
The key message in our new Emerging Markets FX Outlook is that FX risks are lower, but liquidity risks are higher. We currently see interesting opportunities in CNY, risk of emergency hikes in Hungary and a strong PLN by year-end.
EuropeanCentralBank

Central bank reactions to market turmoil

15 Aug 2011 | Anders Svendsen
Nothing has really changed in Emerging Markets, but global developments and the market turmoil are likely to shift central banks’ focus from inflation to growth and financial stability.
Country_Russia

Nordea expands e-FX services in east Europe

8 Apr 2011
Nordea is extending electronic FX services into Russia and Poland via its e-Markets platform.