Research (Investicniweb.cz)
Czech markets  |  January 31, 2013 06:54:45

Carsten Hesse: This year, avoid the Czech equities



Czech CEZ or other blue chip stocks not to take, the most interesting region are further east, particularly in Turkey and Russia. In the first case, markets will benefit from the solid fundamentals and growing interest in the world, the second increase in the price of commodities drag on growth, says equity strategist at the London branch of Wood & Company Carsten Hesse.

Investors again start to take risks. It should, inter alia, to revive interest in emerging markets, thus also in Central and Eastern Europe. I agree that our region will be interesting this year?

Carsten Hesse (CH): As Central Europe is concerned, we are underweight. We believe that these equity indices will thrive, grow it, but we see greater potential in Turkey and Russia.And especially in comparison with the Czech Republic and Hungary, which we will suffer because of its reliance on European growth, or growth in Germany. Data which of these places in recent months come, are not convincing. Certainly, in the second half of January in Germany there were signs of improvement, but not enough yet to change our perspective.

So How do you think the Czech economy at the beginning of the new year?

CH: The Czech Republic is heavily dependent on exports, and that was in 2012 under pressure. This is compounded by problems at home - real wages fall, people buy fewer and industrial production was up in the red. Confidence in the economy, which we believe is the best indicator of the future development of the Czech economy is at a very low level, which signals a recession. What macros are concerned, really no reason to cheer.

What does it mean for Hesse by the Czech stock market, especially for the largest and most discussed titles can be found on the web Investment

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