EME Macro/Strategy: macro all-in-one (6-12 January)
The business surveys for December showed an emerging improvement in economic activity in Türkiye, including in the labour market, which softened somewhat last summer. Most of CEE reported a recent slight rise in the unemployment rate, which we expect to continue in 2025E, but remaining mild in magnitude and indicative primarily of a rebalancing between services and industry. In Romania, S&P has introduced a review of the sovereign credit rating for 24 January, when we expect to see a downgrade of the outlook to negative. The December surveys for the Eurozone economy were weak, leading us to flag downside risks for our GDP projections, while the indicators for inflation turned up in November and December, suggesting that we are in a stagflation phase.
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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