EME Macro/Strategy: Labour market – the good and the bad
The June surveys brought some good news, but we believe that, overall, there is a strong case to expect monetary policies and fiscal policies to step in yet again to strengthen the recovery going forward.Industrial sentiment improved sharply in June, but the risk of a slower-than-expected recovery in exports in Europe is rising, in our view, as indicated by the industrial sector assessment of export orders falling across the board, and both the MNB and CNB indicating recently that an export recovery may take off only at the end of the year. Hiring appetite has rebounded strongly. However, we note that an enormous amount of the labour market adjustment is being paid by the State and job cuts have been, in some countries, restricted for months. Overall income prospects have worsened for households and a genuine bottom is probably unlikely within the next 12 months. The retail and services sectors surveys prices increased, while the industrial and construction sectors are still trending down, on average.
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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