Although it had only four business days, last week was very exciting for polish investors. Macro data readings were poor. The euro zone industrial production for June was disappointing. On the other hand, it was already heavily historical reading. Weak reading of ZEW index was not treated as a significant variable, as it reflects unstable moods of institutional investors. The fact that over the weekend there was no significant escalation of the conflict between Russia and Ukraine should be considered as the main reason for growth in the stock markets. In addition, a weaker data from the U.S. is also interpreted in favor of the further delays in interest rate hikes by the Fed. This was the main factor of a good week for the stock markets. The DAX rose by 0.9%, the CAC40 by 0.6%. The London’s FTSE250 was up by 2.8% due to the relatively dovish inflation report published by the Bank of England. Moods in U.S. were also positive, with the S&P500 gain of 1.2%.