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By Gergely Szakacs
Summit on Monday that excessive rate cuts may discourage saving and stoke asset bubbles, so the
central bank should cut rates by 50 basis points in October and later see if more easing was needed.
Romania's central bank cut its benchmark interest rate to a new record low of 3 percent on Tuesday,
as benign inflation gave it room to help an economy that has dipped into recession.
CZECH ACTIVITY ALSO RISES
In the Czech Republic, where official rates are near-zero and the central bank weakened the crown
to boost inflation, the PMI unexpectedly rose to 55.6 in September from 54.3 in August, data from
Markit Economics showed.
Analysts polled by Reuters had forecast a dip to 53.8 points. The PMI has remained above the 50point mark denoting growth in activity since May 2013.
"Activity in Czech manufacturing seems to be decoupling from the deceleration of activity in German
manufacturing, where activity is close to stagnation according to the PMI survey," said Radomir Jac,
chief analyst, Generali PPF Asset Management.
"The question is how long is this decoupling between the Czech and German manufacturing
sustainable," he said, adding that slower European growth, particularly in export-oriented
manufacturing, could still dent Czech activity.
Czech rates are expected to stay near zero until 2016 and the bank has also pledged to keep the
currency weak in that time.
Hungary's seasonally-adjusted Purchasing Managers' Index rose to 52.6 in September from 51.0 in
August, above the long-term average for September and the second highest figure for this month
since 2008.
Production volumes rose, while new orders also increased, however, new orders were still below the
long-term average measured since 1995.
"The figures are good news, especially given the weaker PMIs in the euro zone and even the German
picture hinted at weaker growth in the region," Erste Bank's Gabler said, adding however that he
still expected Hungarian growth to slow.
"There will be a decline in state investments in the second half and GDP will be also dragged down
given the high base a year ago," he said. "The Russia-Ukraine conflict will also have an impact on
Hungarian trends, albeit not very significant."
(Additional reporting by Robert Muller in PRAGUE; Writing by Gergely Szakacs; Editing by Toby
Chopra)
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