EME Macro/Strategy: macro all-in-one (23-29 September)
The key theme unfolding at the moment is the repricing downwards of the magnitude of appropriate monetary easing in the Euro area and the CEE in the coming year, as lower world crude prices are likely to slow inflation further in the near term, and subdued demand expansion contributes to a persistent moderation of inflation in the coming quarters. The financial markets are discounting an additional 160bp cut by the ECB in the coming year and we assess that there is scope for a further 50bp on top of that, even after the stimulus package announced recently by China. Households continued to signal a preference for increasing savings rather than accelerating spending in September. We have also released a flash note on the Georgian elections.
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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