WOOD Flash – Russia macro: popular mandate supporting Putin suggests RUB stability
Considering the June economic survey data and the recent referendum result, we expect a mild softening of the budget rule, not nearly as big as the changes discussed in press articles seen in recent months. The recent referendum result, backing the constitutional changes with 80% of the votes, gives President Putin and the government enhanced legitimacy, reducing the political risks for next year's parliamentary elections. If the referendum had passed with much lower approval, or been rejected, there would have been a strong case for a major reform of the fiscal framework to allow additional focus on social spending.
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.