Hungary to keep rates stable

The Hungarian central bank will hold a rate-setting meeting on Tuesday, and we expect stability of rates given recent inflation development. Poland will release data on industry and retail for June, allowing us to already see economic performance in the whole second quarter of 2025. On top of that, we will also see labor market data, in particular wage and employment growth in June as well as the unemployment rate. Labor market data will also be published in Croatia and Hungary (unemployment rates in June) as well as in Serbia (wage growth in May). In Romania, the Constitutional Court is to decide on the fiscal package, but we do not expect any controversial ruling. The motion was filed after the opposition did not succeed with the no-confidence vote. Finally, on Friday after market closes, Fitch Ratings will publish its rating and outlook review for Serbia - we expect no change.