EME Macro/Strategy: macro all-in-one (26 June-2 July)
The Eurozone economic growth most likely decelerated in 2Q, as the recovery in the manufacturing sector continued to lose steam and retail spending contracted further in volume terms. The trajectory remains that of a recession in qoq terms as the year closes, but probably a reacceleration into 2024E, driven by consumer spending and investment. Within the Euro area, the main area of acute weakness is Germany. Greece is strong, and France is proving very resilient, probably aided by a Brexit dividend. In central Europe, Poland and Romania are showing pockets of reacceleration, although we stand by our assessment that GDP growth is moderating this year. On 12 July, we will host a zoom conversation with a senior official from the central bank of Georgia.
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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