EME Macro/Strategy: macro all-in-one (5-11 February)
In Turkey, the new CBT governor, Fatih Karahan, delivered a hawkish speech on 8 February, maintaining the year-end inflation projection at 36%, but signalling a readiness to tighten policy, if needed. Meanwhile, Kazakhstan witnessed a government change, with the entire cabinet resigning on 5 February. We believe the new administration is likely to focus on tax reform and fiscal policy. In the Czech Republic, the bank's Board cut the policy rate above the consensus expectations on 8 February, foreseeing further declines, amid inflationary risks. Poland's Monetary Council maintained the policy rate on hold, citing upward inflation pressure, with expectations of rising inflation in 2H24E. In other news, Hungary saw a drop in retail sales in December 2023, but a rebound in January 2024, while inflation eased to 3.8% in January. In the Czech Republic, industrial production declined for the second consecutive month, while retail trade increased in December 2023.
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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