WOOD Flash – Europe macro: ECB – preparing gradually for a hawkish pivot
In its decision yesterday (3 February), the ECB decided to keep the key interest rates unchanged and reaffirmed its plan to end the purchases under the PEPP in March, followed by a step-by-step reduction in asset purchases, as announced in December 2021. The meeting, overall, sounded a shade hawkish vs. before, as a key reference from the statement was removed, which contained a pledge to adjust policy in either direction. Moreover, President Lagarde took a vigilant tone on inflation and held back from giving any dovish messages. Looking ahead, we expect to see a cumulative 50bps of tightening this year, with the lift-off likely taking place from September.
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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