EME Macro/Strategy: macro all-in-one (15-21 July)
Last week, EU Commission President Von der Leyen secured a second term, with 401 of 707 votes, supported by major parties. Her focus includes the green and digital transitions, EU defence, Ukraine support, and rule of law improvements. The ECB kept the deposit rate at 3.75%, hinting at potential rate cuts, amid growth concerns. Poland's CPI rose to 2.6% yoy in June, with a mixed industrial performance. Romania’s current account deficit widened to -7.4% of GDP. Greece reported a primary surplus of EUR 2.9bn in 1H – about 1.2% of the GDP, exceeding targets. Türkiye’s budget deficit reached -1.7% of GDP in 1H24, but FX reserves grew. Moody’s has upgraded Turkey’s credit rating to B1, by 2 notches, aligning with S&P and Fitch. In Georgia, the election campaigns started with new coalitions. Kazakhstan showed an economic growth acceleration to 3.9% in June.
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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