EME Macro/Strategy: Shift of focus – from cycle to trend
The economic sentiment index provided by the European Commission rose further across countries in September, albeit by a minor amount in the Euro area. The industrial sector accentuated its optimism on expected production in the coming months in the Eurozone, but not in central Europe. The gap between current export orders (very low currently) and production expectations (bouncing back close to pre-COVID-19 levels) is wide, but we believe that expectations at this stage are a better leading indicator of 4Q. Other sectors are also seeing a further rebound and hiring appetite is ameliorating – although not across the board.
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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