EME Macro/Strategy: EU vs. Russia – a marathon, not a sprint
The tensions between the EU and Russia continue to intensify, as stoppages in gas supplies are affecting Poland and Bulgaria already. These events are coherent with the risks that we saw as plausible last month, when we downgraded our 2022E GDP estimates to near zero across the board. The consensus 2022E real GDP forecasts are, in our view, still at least one percentage point too high for the Eurozone and the US, even in an optimistic scenario of conflict resolution. The biggest mispricing is on inflation across all horizons.
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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