EME Macro/Strategy: macro all-in-one (29 May-4 June)
May’s business surveys were released last week, which signalled that the economic outlook is worsening and further aggravation remains a possibility, as major central banks remain unsatisfied with the scale of the tightening delivered so far. The detailed breakdown of 1Q23 GDP was released for most CE countries, which was aligned broadly with the assessment we presented at the time of the preliminary releases. In other news, economic activity in Kazakhstan is accelerating, but with higher inflation, which calls for a higher policy rate. Strong tourism activity has resulted in an upside surprise in Iceland’s 1Q GDP performance. Inflation is subsiding in Kazakhstan, Uzbekistan and Georgia, but services pricing remains stubborn. In Turkey, Mr. Simsek, a renowned economist, was appointed Minister of Finance.
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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