EME Macro/Strategy: macro all-in-one (13-19 November)
The round of 3Q GDP releases concluded last week for CE4, showing a worsening in Romania and the Czech Republic, but relatively benign developments for Hungary and Poland. The current account balance is improving everywhere, as a trend, but the worsening in the external backdrop is being reflected more visibly in weaker exports, which could start to act as a restraint soon. In other news, the MNB has signalled to continue ahead with constant 75bps steps in its easing cycle through to February 2024. In Turkey, fiscal consolidation is proceeding with rate hikes; however, a perceptible restraint on activity is yet to show, which would be vital for the disinflation process.
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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