WOOD Flash – Europe macro: well done Madame Lagarde!
The ECB governing council has raised interest rates by 50bps, taking the main refinancing rate (MRO) to 3.50%, a move that both we and the consensus had anticipated. This puts interest rates at modestly tight levels, instead of a neutral level, as was the case before this decision. We assess that the new lower inflation projections from the ECB and likely continuing market disruptions will lead the Governing Council to keep interest rates on hold for the rest of the year. Overall, it appears to us that the tightening cycle has ended and the next move will be down to 3.00% by end-2024E.
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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