EME Macro/Strategy: Polish confidence steaming ahead of the rest
The Economic Sentiment Indicators (ESIs) for the Eurozone and the EU fell slightly in January, on the back of slightly less bullish production, hiring and pricing expectations. This development should not cause alarm, per se; however, as we are close to the peak of the business cycle, should the coming months confirm a plateau, then it would be a signal that a correction in the equity markets is likely. Equally important is the upward trend in industrial and construction pricing expectations, which adds to our high inflation forecast for the Eurozone compared with the ECB and consensus projections. In CEE, the message of the sentiment indices is uniformly bullish, apart from Romania, where the headwinds, due to the 2018 budget, are showing. Poland, Romania and the Czech Republic have seen various political events in the past month: the most important for investors, in our view, is the re-appointment of Czech President Zeman.
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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