WOOD Flash – Europe macro: ECB turns hawkish talk into action
At its meeting yesterday (8 September), the Governing Council at the ECB decided unanimously to raise the key interest rates by 75bps – in line with our expectations. The tone from the meeting was firm and, in our view, implied that additional front-loaded hikes will follow. We believe that the Council is aiming for a speedier transition towards a deposit facility rate of 2.00-2.25% by the year-end. The moves beyond December will be cautious and will be take into account the scope of fiscal consolidation. We maintain our view that the deposit facility rate is heading towards 3.00% next year.
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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