EME Macro/Strategy: macro all-in-one (25 August-1 September)
Last week, the European Commission released the business surveys for August, which revealed a loss of momentum in economic activity, stemming from falling consumer confidence and softening pricing power in the industrial sector in particular. Recently, we downgraded our assessment of Germany and that, coupled with the latest surveys for August, has led us to revise down our forecasts for European GDP growth in 2025E, and cut some of our inflation forecasts as well. The worsening outlook for Europe stands in stark contrast to our assessment of the US, which remains more constructive than the consensus. For Türkiye, the economic indicators show a moderation of activity, notably in the industrial sector, which had been a beacon of stability until May. We do not change our projections, at this stage, as we await the first estimate of the 2Q24 GDP. In this weekly, we also refresh our assessment of the housing market and present our estimates of affordability.
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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