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.

The FOMC's two-day meeting and the decision concerning interest rates in the United States were last week’s major events. The Federal Reserve left interest rates unchanged. Although analysts were divided in opinion on the decision, the majority expected just such scenario. In the statement after the meeting the Fed said that they expect further improvement in the labour market. They pointed out the negative developments in the global economy, which have taken place recently. It is mainly about the Chinese economy condition and bearish oil prices.

In comparison to major European markets the WSE was not bad at all in the past week. The main Polish indices were still making up for previous weeks’ losses. The banking sector performed very well. This was in response to the information that there is no chance the lower house of the Polish parliament will pass the foreign currency mortgage loans law. As a consequence, the market went up considerably during Thursday's trading session.