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Polish equities were lower on Monday, with the broad-market measure, the WIG index, losing 0.56%. Sector-wise, materials (+0.91%) fared the best, while utilities (-1.22%) posted the worst result.

The large-cap stocks' measure, the WIG30 Index, fell by 0.59%. Within the index components, FMCG-wholesaler EUROCASH (WSE: EUR) recorded the steepest daily decline of 3.73%. Other largest underperformers were clothing retailer LPP (WSE: LPP), railway freight transport operator PKP CARGO (WSE: PKP) and genco ENEA (WSE: ENA), which plunged by 2.13%, 2.04% and 1.87% respectively. On the other side of the ledger, coking coal producer JSW (WSE: JSW) topped the gainers list, correcting upwards by 5.41% after significant fall in the previous week. It was followed by oil and gas producer PGNIG (WSE: PGN) and two bank ING BSK (WSE: ING) and MBANK (WSE: MBK), advancing 4.31%, 2.03% and 1.39% respectively.

The opening on Wall Street is neutral and only the Nasdaq is slightly more adjusted. This week is the Fed is the dominant topic and comments today indicate waiting for the decision to raise interest rates. The S&P500 index is at historic highs and remain in the short-term and long-term uptrend. In turn, on the Warsaw Stock Exchange we do not see any larger rebound after a morning decline and peaceful start na Wall Street facilitates a return over the level of 1,880 points.

An hour before the close of trading the WIG20 index was at the level of 1,889 points (+0,55%).

U.S. stock-index futures were flat.

Global Stocks:

Nikkei 19,155.03 +158.66 +0.84%

Hang Seng 22,433.02 -327.96 -1.44%

Shanghai 3,152.47 -80.41 -2.49%

FTSE 6,917.85 -36.36 -0.52%

CAC 4,762.23 -1.84 -0.04%

DAX 11,171.96 -31.67 -0.28%

Crude $53.68 (+4.23%)

Gold $1,159.90 (-0.17%)

(company / ticker / price / change ($/%) / volume)

Upgrades:

Travelers (TRV) upgraded to Outperform from Market Perform at BMO Capital

American Intl (AIG) upgraded to Outperform from Market Perform at BMO Capital

AT&T (T) upgraded to Outperform from Neutral at Robert W. Baird; target raised to $44 from $39

Downgrades:

Other:

The beginning of the new week passes under the sign of calm and light falls suggesting rather consolidation than attack of demand. Investors' attention is focused today on the various sectors of the market. Thereby gaining fuel companies and Italian banks, which today stand out positively and as a consequence, this translates into good behavior of parquet in Milan.

In the middle of today's session the WIG20 index was at the level of 1,890 points (-0,52%), the turnover in the blue-chips segment was amounted to PLN 236 million.

European stock indices show moderate declines. "In general, the mood remains positive, and any sales seen by investors as opportunities for entering longs, - said Markus Huber, trader at City of London Markets.

Little impact on trading had news that the British Chamber of Commerce (BCC) has improved its forecast for economic growth next year, but lowered its forecast for 2018. According to BCC estimates that GDP growth in 2017 will be 1.1 percent. Previously it predicted +1.0 percent. The BCC explained that improved their forecasts in response to stronger-than-expected economic indicators after the referendum. BCC also added that the UK economy is likely to grow by 2.1 percent this year, which roughly corresponds to the long-term average. However, the business group said it expects the current economic slowdown in the momentum over the next two years. BCC lowered its forecast for GDP growth in 2018 to 1.4 percent from 1.8 percent, citing the continuation of Brexit effects. "The weaker economic activity and a slowdown in growth in real wages caused by the collapse of the pound after the referendum is expected to curb household consumption and business investment". Inflation is expected to exceed the target value of the Bank of England (2 per cent) in 2017. The BCC expect higher +2.1% inflation in 2017 and 2.4 percent in 2018.

The composite index of the largest companies in the region Stoxx Europe 600 traded down 0.4 percent after it recorded the maximum weekly gain in nearly two years.

The price of Deutsche Lufthansa AG, Air France-KLM and IAG SA fell more than 2.2 percent, as a significant rise in oil prices suggests growth in costs.

The Italian FTSE MIB index rose 1.2 percent after on Friday gained 0.63 percent. Part of the reason for the increase of the index was the statement of the European Commissioner Moscovici, who ruled out the possibility of a banking crisis in Italy or a financial crisis in Europe.

Health sector shares fell by more than 0.7 per cent. Lonza announced that it is negotiating the purchase of US drugmaker Capsugel. The deal could reach more than $ 5 billion.

Capitalization of Sky Plc fell 1.2 percent amid reports that the major shareholders of Sky will oppose a takeover bid by Twenty-First Century Fox.

At the moment:

FTSE 100 6933.83 -20.38 -0.29%

DAX -30.89 11172.74 -0.28%

CAC 40 -1.56 4762.51 -0.03%

WIG20 index opened at 1904.31 points (+0.24%)*

WIG 50779.39 0.17%

WIG30 2206.01 0.17%

mWIG40 4215.56 0.28%

*/ - change to previous close

The cash market opens with a rise of 0.24% to 1,904 points with modest like by the standards of the last day's turnover. Positively distinguished are fuel companies, but it does not apply to banks sector. The WIG 20 index is at the psychological level of 1,900 points and the beginning can be considered as neutral. Similarly, the case looks in Frankfurt.

After twenty minutes of trading the WIG20 index stood at the level 1,895 points (-0.23%).

This weekend OPEC and non-OPEC countries signed a formal agreement on the reduction of raw material extraction. Therefore we the week starts with the price of oil at 54 USD, i.e. an increase of over 4%.

As a result starts the game under the rise in inflation. In Asia it means higher prices for energy and mining companies and the higher interest of banks. Same changes at the level of the major indices are not a significant. Only the Nikkei stands out positively because of the strength of the dollar against the yen. Outside of Japan there is lack of noticeable growth and China may be seen even a clear correction of more than 2%.

Friday's session in the US was successful with the approach of the main index by 0.6% and new records. Today morning the US futures market falls slightly and Europe may begin sessions with mixed feelings. Selected sectors will be benefited on what can be seen on oil and the expected consequences for inflationary trends. On the Warsaw market on Friday came to a halt of growth. Today the investors attention should be focused on the banks sector.

U.S. stocks closed at a record on Friday with the S&P 500 notching its best winning streak since June 2014 and the Dow Jones Industrial Average extending gains for a fifth week. "The S&P 500 is up more than 5% since election day [as the] outlook for lower regulatory hurdles, lower taxes, and higher infrastructure investments all paint the picture of a resurgence in growth prospects," said Karen Hiatt, a portfolio manager at Allianz Global Investors. "The euphoria surrounding higher cyclical growth after years of stagnation has driven investors to reposition portfolios for 2017 earlier than typical."

Asian stock market reaction to perceived policy easing by the European Central Bank was mostly positive, even as currencies in the region took a hit. The ECB said Thursday it would extend its bond-purchase program by nine months to December 2017, but cut its monthly purchases to 60 billion euros from €80 billion, as of April. The ECB action mixed tightening and loosening measures, but market chose to focus on the extension of the asset-purchase program, known as quantitative easing (QE).