EME Macro/Strategy: macro all-in-one (28 August-3 September)
The data released for August for CEE and the Eurozone are consistent with our assessment that inflation is on a deceleration path, albeit less quickly than what was seen in the first half of the year. In August, consumer confidence worsened in many countries and hiring appetite leapt down, indicating that the 3Q economic performance is likely to stay very weak, or worse than 2Q. That said, there are some early signs that the manufacturing sector is beginning to stabilise in CEE, which bodes well, in our view, for the rest of the Eurozone later in the year. Turkey’s 2Q GDP posted a robust gain of 3.8% yoy, which underscores the need to slow growth significantly, in order to dent the high inflation trajectory that the country is on. In Poland, the latest opinion polls signal that the odds are moving in favour of a victory for PiS.
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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