EME Macro/Strategy: Czech Republic - strong fundamentals anchor politics
The Czech economy is showing remarkable resilience, against a complicated external backdrop and a painful structural consolidation of the European auto sector, including protracted stagnation in Germany, its close trading partner. Some of the resilience, in our view, is emerging from the defence ramp-up in the EU, as well as the fact that the household sector has accumulated robust cash buffers. The upcoming elections are likely to heighten uncertainty in coming months, as several controversial policy proposals have been put forward by the parties which may influence the next cabinet. All in all, however, we believe the odds favour a broad continuation of the current macroeconomic trends, which implies no strong negative risks to either the sovereign credit rating or the currency.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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