Monthly market commentary - January 2015

The global stock exchanges have been ruled by its own laws last week. Warsaw indices slight growth was connected with Monday’s data from the Polish economy and the Wednesday’s Deputy Prime Minister Janusz Piechociński’s conference on a possible aid for Poles with Swiss franc loans.

Last week on global stock exchanges was dominated by bulls. All because of expected Thursday's ECB decision to introduce anticipated asset purchase program. Increased appetite for growth was connected, for example, with Wednesday’s leaks about a possible QE value of up to 50 bn EUR a month until December 2016.

Week started in fairly quiet atmosphere. In the first half of the week investors traded in anticipation of an important meeting of the ECB that would take place on January 22nd. In Poland, lack of interest rate cuts by the MPC combined with the relatively convoluted translation of this decision did not really affect the image of trading on the WSE.

Last week brought finally normal, reliable levels of  trading, except the WSE, where extra day of holidays - Epiphany - extended the New Year's weekend. This lack of one trading day turned out to be beneficial for the WSE.