WOOD Flash – Russia macro: income is key, but keep an eye on CPI
As approval is shaken, new measures are approachingAccording to the Ministry of Economic Development, Russia’s monthly GDP in April 2020 declined by 12% yoy (after 1.6% yoy growth in the first quarter and a slight expansion of 0.8% yoy in March), in line with our overall view. The main drivers of this decline are the temporary non-working day regime, put in place to counter the spread of COVID-19, as well as the negative dynamics due to the lockdown measures implemented by its main trading partners. In May, the PMIs unfolded roughly in line with the European Commission’s ESIs for CEE, with a services PMI increase to 35.9, from 12.2 in the previous month, and manufacturing PMI rising to 36.2 in May, from 31.3 in April. Even though Russia is unfolding roughly as we expected, we highlight a few important points.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.