EME Macro/Strategy: macro all-in-one (10-16 July)
The US inflation data, released last week, have strengthened our assessment that US inflation is in line with the 2% target as of 2024E and, if anything, the odds are rising that it will undershoot it. Eurozone inflation is not yet in line with the target, unless it is very lucky on food inflation and/or stalls investment spending meaningfully next year. In CEE, inflation is slowing, fairly in line with our expectations, which means that our broad views on rates and growth are not changing materially. We want to emphasise the rapid swing back into positive real wage growth that we are observing and the good FX resilience in CEE.
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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