EME Macro/Strategy: macro all-in-one (9-15 June)
In Poland, PM Tusk won the vote of confidence, as expected, and has restarted the efforts on the judicial, energy and housing policies. Inflation moderated further in May, adding cautious optimism that inflation will return to the NBP’s target soon. Inflation surprised to the upside in Romania and Hungary last month, due primarily to reaccelerating food inflation and sticky demand pressures. In Türkiye, we saw further positive evidence on the industrial sector recovery and stabilising TRY pressures. US inflation was in line with our expectations in May. We highlight that we have upgraded our GDP estimate, as the trade imbalance we saw in 1Q is not repeating itself. However, we maintain our bearish view on the USD and Treasuries.
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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