EME Macro/Strategy: macro all-in-one (7-13 August)
Last week, the National Bank of Romania kept the policy rate unchanged, and reiterated that rate cuts are out of question this year. Beside this, we took stock of the developments in Hungary and refreshed our forecasts, to highlight the underperformance of the GDP this year and a gradually-paced rebound in the next two years. Poland looks set to grow rapidly, irrespective of the leadership, and is on track to join the EUR 1trn GDP EU club by 2026E, on our assessment. Meanwhile, July’s inflation prints were released across and beyond the CEE, and a slowdown appears to be the main theme, led by a moderation in food inflation, bar Egypt, which appears to be grappling with the fallout from both successive FX devaluations and the Russia-Ukraine war.
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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