WSE: Before opening

The main indexes of stock exchanges in New York remained in the red yesterday, after being established the historic highs in the past week. Dow Jones Industrial at the end of the day lost 0.28 percent, the S&P 500 fell by 0.53 percent and the Nasdaq Comp. went down by 0.56 percent. The withdrawal of the main indices was accompanied by weakening of the dollar, the strength of which was one element of the bulls rally on Wall Street after the US presidential election. The corrective mood moved also to Asia, where the Nikkei lost 0.3 percent, but futures on the S&P500 are looking for stability.

Serious movements may not be seen as well on the zloty and emerging markets. The Eurodollar recorded modest changes, so the start of the day in Europe can be considered as a stable.

In the macro calendar the highlight of the day is reading of the US GDP. Data recall that this week is an input in the December and meeting of investors with economic indices readings and monthly data from the US labor market. This week will also be interesting because of reports from Europe due to systemic referendum in Italy this weekend. Also important will be the December decision of the European Central Bank on the change in the program of quantitative easing.

The Warsaw market is still in the shadow of the core markets and is dependent on the global relation to the emerging markets. Important is the relationship of the dollar to other currencies and the condition of the zloty against the dollar. From the technical analysis point of view the end of the previous week and the first session of this week clearly show that the market is not ready to break the WIG20 beyond a few weeks of consolidation.