EME Macro/Strategy: macro all-in-one (24-30 July)
Last week, the Fed and the ECB raised the key rates by 25bps, with a softer stance, suggesting a potential pause, and the odds favouring a final hike in September. In Hungary, the base rate remained unchanged, at 13.00%, but the one-day quick deposit rate fell to 15.00%. Turkey's CBT Governor revised the inflation outlook, and highlighted the need for gradualism and holistic assessment, reaffirming our expectation that the policy rate will reach 30% by the year-end. Uzbekistan's CBU kept the policy rate at 14%, despite declining inflation, and the economy saw robust growth of 5.6% yoy in 1H23. The Euro area's economic sentiment declined for the third consecutive month, to 94.5.
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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