Recovering from more than two weeks of slips, the Budapest parquet climbed vigorously up for a second day, backed by optimism over a now possible rescue deal for Greece, and better-than-expected, energetic June business growth figures (PMIs) for the euro zone, the CEE regionʼs main export market.

Another rate cut by the National Bank of Hungary (MNB) in line with expectations, complete with an indication of more small easing to come, and the early approval of next yearʼs budget in parliament on Tuesday also helped.

Hungaryʼs parliament passed the 2016 budget targeting a shortfall of 2% of economic output, down from 2.4% projected for this year.

Approval came months ahead of the middle-October legal deadline for just submitting a budget bill as part of a push to become “predictable” as soon as possible, in order to regain an investment-grade credit rating before the year is out, analysts add.

Hungary is rated one step below investment grade at Fitch Ratings, Moody’s Investors Service and Standard & Poor’s. Fitch raised the sovereign’s outlook to positive from stable in May. According to published schedules, further reviews this year are expected from Moodyʼs on July 10 and November 6, S&P will review Hungary again on September 18, with Fitch Ratings to follow suite on November 20.

OTP was supported by a new law which allows banks to write down from their other taxes a part of the compensation which they must pay to clients of a failed Hungarian brokerage through the mutual investors protection fund.

Vastly exposed to Russian markets, pharma company Richter still suffered an extension of sanctions against Russia by the EU on Monday, despite buying its own shares.

OTP rose 2.70% to HUF 5,625 on turnover of HUF 4.50 bln from a HUF 6.77 bln session total, about a third short of the daily average this year.

MOL won 0.38% to HUF 14,455 on turnover of HUF 610 bln.

Magyar Telekom gained 0.99% to HUF 408 on turnover of HUF 458m.

Richter retreated 0.42% to HUF 4,242 on turnover of HUF 974m.

The bourseʼs mid-cap BUMIX went out 0.42% higher at 1,664.71.

Elsewhere in the region, WIG 20 in Warsaw was down 0.09%, while Pragueʼs PX rose 0.66%.

Western Europeʼs major indices were all up ahead of their close Tuesday, FTSE100 in London 0.30%, DAX30 in Frankfurt 0.90%, and CAC40 in Paris 1.33%.