An unpredictable race in Poland's high-stakes election has left markets in Europe's largest emerging economy in limbo.
Shadow of the supporter is pictured during the election convention of Law and Justice party, before Sunday's parliamentary elections, in Przysucha, Poland October 9, 2023. REUTERS/Kacper Pempel/File Photofor the ruling nationalist Law and Justice party , but one that sees it fall short of an outright majority.
Foreign investors have pulled $2.3 billion from domestic government bonds and in July held less than 15% of outstanding bonds, the lowest level in well over a decade and below the historic average of 20%, JPMorgan calculations show. Some 110 billion euros earmarked for Poland from the EU Cohesion funds in the 2021-2027 budget and the Recovery and Resilience Facility remain frozen over the government's record of undercutting liberal democratic rules.
JP Morgan data shows Polish stocks had sucked in $273 million of foreign investor money by June, but while they have posted a more than 10% rise in dollar terms year-to-date they still lag peers in Romania and Hungary with 20% plus gains.
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