WOOD Flash – EME Macro/Strategy: ECB – policy recalibration opens the door for a 2022E lift-off
Yesterday (16 December), the Governing Council at the ECB decided to keep the interest rates on hold, as expected, and announced the stepping up of the pace of net asset purchases under the APP programme for the second and third quarter of next year, following the conclusion of the PEPP programme, as announced earlier. Overall, the outcome was within the bounds of our expectations and practically close to the hawkish scenario we had envisaged, given the worsening inflation picture. We view yesterday’s decision as a reasonable adjustment, which has prepared the ground for a hawkish pivot in the coming year and reinforced our view of an interest rate lift-off in the second half of 2022E.
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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