Last week has provided a great deal of emotions and substantial volatility. This was influenced by a number of macroeconomic data releases as well as the words of the head of the ECB. At the beginning it seemed that investors’ moods could be affected by poor data from Japan, where GDP fell by 1.6%. This was interpreted as ‘bad news is a good news’ as it calls for more quantitative loosening by the BoJ. Serious threat could have been disappointing data from the Eurozone - PMI from France and Germany was surprisingly poor.

Last week there wasn’t much data releases that would drive the markets. Concerns about escalation of the conflict in Ukraine are again worrying investors. At the meeting of the G20 leaders Russian President Putin left the summit earlier than expected. He denies the presence of Russian troops in Ukraine. There are no high hopes to lift sanctions that are harmful not only to Russia but Europe as well.

 Last week was very busy and interesting for equity investors. A number of important data was released. PMIs from European countries, including Poland (positive surprise of PMI index returning above the 50 points barrier), the  MPC and the ECB meetings, and monthly labour market data from the U.S.

Last week ended well for Warsaw indices - all finished in positive areas. Large companies grouped in the WIG 20, grew by 1.5%. Medium caps from the WIG50 went up by 1.3% and the weakest, small companies from WIG250 increased their valuations by 0.5%. Such a distribution of growth is not surprising considering the global factors as main reason for the dominance of the bulls on the WSE.

Finally, capital markets returned some positive results on the wave of optimism last week. Most of the European and global markets finished week in positive territory. On the old continent southern countries were the best performers - Madrid IBEX35 rose by 3.8% and the FTSE MIB in Milan grew by up to 4.25%. Main markets (FTSE, CAC40, DAX) also performed well, posting increases between 1.2 and 2.4%.