The beginning of the week did not indicate a change in sentiment on global financial markets. During the first days of the week some of major stock indices in both Europe and the U.S. were able to slightly gain, another were just oscillating around the last week’s closing line. But things changed on Thursday, when an optimism returned to the markets thanks to dovish ECB President's comment. After the meeting when the ECB left interest rates unchanged Mario Draghi said that the European QE program will last at least until September 2016. It was also said that in order to support economic growth and inflation in Europe the QE might be extended.

After successful previous week on global stock markets the time for correction has come. On the plus side, growths from the previous week have been retained. Such a momentary markets cooldown can be helpful for next growths. But we can not exclude a scenario that recent increases were only a correction within a downward trend. In that case investors should be prepared for further declines. The direction of the breakout of the consolidations made on major indices last week should be the quickest hint. Nevertheless, we can forget about higher growths until individual indices break out above September peaks. That move would create a double bottom pattern.

Last week finally brought the long-awaited wave of optimism on the Warsaw Stock Exchange. Since the beginning of the week most of stock exchanges were dominated by bulls. It was the response to poor payrolls from the previous Friday, which the market considered as a postponement of the beginning of the rate-hiking cycle in the United States. It seems that after the poor recent period of time through a lower risk aversion foreign investors are coming back to emerging markets. It was also noticeable in Warsaw's blue-chip index, where growths were accompanied by increased turnover every day last week.

It was another unsuccessful week for the stock market investors. Uncertainty over Chinese and global economies still affected global markets. Window dressing at end of the month and the quarter helped prop up the Warsaw Stock Exchange but only for one day. Within the last three months the WIG fell by 6.6%. It means that the quarter ended last Wednesday was the worst one since 2011. Warsaw's blue-chip index performed very poorly. The WIG20 saw as much as 10.8% quarterly fall.

Leaving interest rates unchanged by the FOMC increased investors’ fear about the global economy. Still persistent uncertainty had a negative impact on the behaviour of stock markets last week. Admittedly, most of stock exchanges started the week quite positively. But later it turned out that it was only a temporary stop ahead of further declines. Then Friday brought an improvement in investor sentiment. It was mainly due to Janet Yellen's Thursday speech, whose words sounded hawkish.