Report
Alessio Chiesa ...
  • Raffaella Tenconi

EME Macro/Strategy: macro all-in-one (28 July-3 August)

The July sentiment indices released by the EU Commission proved better than we had feared, on the margin. The industrial sector continues to reveal tentative signs of recovery, this time in Germany as well. Households continue to signal the challenges of persistently brisk inflation, but high savings cushions, which points to a continuation of the status quo. In Poland, inflation dropped back to the NBP’s target corridor, strengthening the case for another 25bps rate reduction soon. In Romania, the budget deficit widened to 3.9% of GDP in the first half of the year, in line with expectations. In Hungary, the data for 2Q and 3Q remain underwhelming overall, but we still expect to see signs of a revival towards the year-end, as the demand for electric vehicles should ameliorate. In Georgia, the Central Bank kept the policy rate unchanged, at 8.00%, given the brisk inflation and strong economic activity.
Provider
Wood and Company
Wood and Company

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.

Analysts
Alessio Chiesa

Raffaella Tenconi

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