EME Macro/Strategy: macro all-in-one (14-20 August)
Last week, the second-quarter GDP prints were released for all the CE4 countries, underlining that the worst phase is likely over, but that downside risks remain, which could affect the timing of the recovery. Improvements in current accounts are progressing as a trend in CE and, with receding inflation pressure, the Monetary Council is likely to take on a more dovish tone in the months ahead. In Poland, the Sejm has voted in favour of holding the immigration referendum on the same day as the elections. In Turkey, the CBT announced the first step for phasing out the FX-deposit scheme (KKM). Beyond CEE, the knock-on effect from the RUB’s recent devaluation has affected Uzbek Sum, while the Central Bank of Moldova (BNM) sees inflation entering the 5% target’s tolerance band as soon as in October.
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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