EME Macro/Strategy: macro all-in-one (19-25 February)
Last week, the first batch of February sentiment indices were released. Our fundamental assessment is that their message is one of stability and not a reacceleration yet. In Poland, retail spending rebounded, after the unexpected drop in December 2023, but consumer confidence stagnated, on the back of still high perceived and expected inflation. In Hungary, the 2023 Budget deficit widened to 6.8% of GDP, a full percentage point above our expectations. In the Czech Republic, consumer confidence improved, but businesses are not pointing towards improving conditions yet. In Türkiye, the MPC kept the policy rate unchanged, with a welcome hawkish tone. In Kazakhstan, the Central Bank decided to reduce the policy rate by 50bps, which implies a real policy race of +5ppts.
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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