EME Macro/Strategy: Germany – the sick man of Europe again
In July, the sentiment indices computed by the European Commission highlighted that the situation in Germany is worsening, at an accelerating speed; while, in the rest of Europe, the decoupling seen in recent months continued. Inevitably, the worse the outlook in Germany, the lower the outlook for the rest of Europe, but we believe that, to a large extent, the decoupling we can see will last, as there are structural reasons Germany may underperform for several more years, while other countries are doing their best to offset the external headwinds. We highlight the continuing downside risks for the consensus expectations for the Eurozone and the rising risk of an outright stagnation in Germany.
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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