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%.

At the beginning of last week downward correction on equity markets was continued, and in some markets has noticeably accelerated. It started with a series of weaker readings from German economy (the DAX lost about 10% over 3 weeks, and about 16% from its peaks) to end with problems of countries from eurozone periphery area

Last week brought a continuation of declines on global markets. European stock exchanges took the hardest hit. Biggest loss was noted in Paris, where the CAC index slid more than 5 percent. The German DAX fell by 4 percent and finished below the psychological barrier of 9000 points.