WOOD Flash – Turkey macro: wait-and-see stance
The July manufacturing surveys released by the CBT show an acceleration of demand, both domestic and export activity, as well as continuing inflationary pressures. The development of the economic sentiment index released by the European Commission remain compatible with our growth estimate of -8.6% this year. However, households’ spending may surprise to the upside, which could push the yoy change of real GDP this year close to zero. We see such a scenario as plausible, but not overly likely, especially given the challenges in the tourism sector. On the inflation front, there is a growing risk of sticky inflation in double digits, which may keep the CBT on hold throughout the 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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