Over the weekend Italy held a constitutional referendum. According to preliminary data, the Italians are against changes in the constitution, which will probably lead to the resignation of the government.
Markets reacted negatively with the weakening of the euro and pressure on risky assets. This reaction, however, proved to be short-lived. The euro stabilizes after night considerable discounts. On the other hand contracts in the United States opened with the gap, but did not fall further. The Asian markets are dominated by the red color, but the price of copper is gaining in value.
On Friday, Standard & Poor’s upgraded the rating outlook for Poland to “stable” from “negative”, supporting the assessment of the country at “BBB plus”. In explanation they said that concerns about the independence of the central bank were dropped. An overall statement of the S&P was a big surprise and it seems that domestic investors will not pay greater attention to the message considering it to be unreliable. On the other hand, from the point of view of foreign investors, it is a plus, but is offset by the unfavorable outcome of the referendum in Italy.
Hence morning mix of information for the Warsaw market is different. We have positive news, we also have negative ones, although based on the model of similar situation this year we should not expect any disaster. In theory, this should mean a negative initial impulse, which, however, does not necessarily continue until the end of the session. In the meantime, there will be PMI / ISM readings for services sector, where traditionally reports from the US will be the most important.
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