Morning five: BUX rally, ETS2, raw materials and tax list

An OTP rally led Friday's close: the BUX gained 3.28% and OTP jumped 6.42%. Europe and all three major US indices also finished 9 October higher, according to BSE data and international closing figures.

The ETS2 price-stability reserve may release 40 million allowances when carbon prices are high. The Council's final decision seeks to curb volatility before the 2028 launch, while Hungarian consumer effects will depend on domestic pass-through.

The EU designated 46 new critical-raw-material projects in 16 member states. The package covers 15 strategic materials and several value-chain stages from extraction to recycling.

The EU tax list now contains eight jurisdictions after Panama and Viet Nam were removed. Both remain under further review, so corporate due diligence still matters.

Our analysis of ESMA's new direct supervisory powers explains how the EU capital market may change. For Hungarian investors, costs, legal remedies and the practical operation of more unified supervision are decisive.