EME Macro/Strategy: macro all-in-one (4-10 March)
In the past week, the key macroeconomic themes in our region revolved around the MPC meetings of the ECB and the NBP. In Poland, the NBP maintained the policy rate at 5.75% and projected an improved GDP forecast through to 2026E, with potential inflation risks reiterated for 2H25E. The ECB kept rates unchanged, highlighting the stagnant economic outlook and disinflation expectations. We focus further on Hungary's plans to reform the Central Bank law, which has drawn criticism; while Fitch upgraded Türkiye’s credit rating. In Greece, GDP growth slowed in 4Q23, while retail sales rebounded 12M23. Türkiye’s CPI surge reflects the minimum wage hikes and tax adjustments. Lastly, the PPI in Kazakhstan accelerated slightly, while inflation remains very low in 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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