We raise our recommendation on Vercom to Buy and simultaneously lift the target price to 153 PLN, implying a 21% upside potential. In recent weeks, the software sector has been under clear pressure, driven by heightened investor concerns about the impact of AI development on the business models of technology firms.
According to GUS data, the CPI inflation rose in March to 3.0% year‑over‑year compared to 2.1% in February, aligning with market consensus and our forecast. The significant rise in March was largely driven by the increase in fuel price dynamics to 8.6% year‑over‑year versus –7.8% in February.
Global financial markets today resemble a barren wasteland, where traditional safe havens clash with the digital avant‑garde. Bitcoin, once seen as a novelty, has become a full‑fledged actor on the geopolitical stage, reacting to every whimper from the Middle East. Ignacio Aguirre, CMO of Bitget, told FXMAG what actually drives cryptocurrency valuations and whether we have a chance for a return of the wild altcoin season.
Until recently, an electronic invoice was simply a PDF file sent by email, quick, convenient and… entirely sufficient. Today it increasingly means communication in the Peppol standard, a network that organizes international document exchange between companies and administrations. In this article we explain who a Peppol provider actually is and why it is becoming harder to operate efficiently in modern e‑invoice circulation without one.
The large block was a revolution in the 70s – finally improving housing for millions of Poles. However, increasingly people say this type of property will lose value. New data shed a completely different light on this."
The euro-to-dollar rate has a chance to test lower levels, analysts at ING Think say. The bank, however, believes there is still room for better outcomes, mainly due to calls for a planned second round of peace talks between the United States and Iran.
S&P 500 rebounds below record, oil returns part of war premium. Funds remain short on stocks. On Tuesday, April 14, 2026, Wall Street clearly accelerated, as the market began to play not so much the conflict itself, but the scenario of its controlled fading. The S&P 500 rose 1.2%, and is now only about 0.2% below the January record, Nasdaq gained 2%, and Brent oil fell 4.6% to $94.79 per barrel.
The deposit system introduced in the second half of 2025 was supposed to be an eco-friendly program that would allow for obtaining more valuable raw material through recycling. In practice it turns out to cause many problems that Poles have to face. And if that wasn’t enough, it could lead to penalties, and consequently higher fees for waste collection.
Although media reports and politicians' statements make it difficult to form a coherent picture of the situation in the Middle East, investors have begun to price in the approaching end (or at least the calming) of the conflict.
Today at 09:30 we will learn the details of CPI inflation in March. According to preliminary readings, inflation rose to 3.0% YoY from 2.1% YoY in February, recording the fastest growth rate since July of last year.
After weeks of brutal volatility triggered by the conflict in the Middle East, investors finally received the signal they were waiting for. Diplomacy is starting to come to the fore. Although the gold and silver market is still nursing wounds from recent declines, optimism about the resumption of talks between Washington and Tehran is stabilizing precious metal prices.
CD Projekt’s share prices shine with gains extending the upward trend from the previous session. Mateusz Chrzanowski, a Noble Securities stock analyst, told FXMAG what factors are currently influencing the company’s stocks. The expert also pointed to a potential date for the company’s highly anticipated news release.
Polish armaments companies must pay contractual penalties arising from delays in contract execution. There would be nothing so controversial if it weren't for the fact that foreign companies seem to be treated “leniently”. Americans do not have to pay penalties at all.
This is the moment when numismatists can hold their breath. The National Bank of Poland has released two new coins for sale. A 500 PLN gold and a 100 PLN silver. It’s not their denomination or the material they’re made of that impresses, but their shape, which does not resemble traditional coins.
Representatives of the United States and Iran may sit at the negotiating table in Pakistan again. According to Bloomberg, Tehran’s goal is to calm the unpredictability of Donald Trump’s administration. In a conversation with FXMAG, Krzysztof Pawlak, head of the dealer department at Currency One, explained how markets react to the new news.
This is good news for passengers of Enter Air, and much worse for the carrier itself, which will have to pay heavily for the irregularities it was supposed to avoid. The Competition and Consumer Protection Office reached these conclusions, not only pointing out the mistakes but also ordering the payment of compensation to Enter Air customers. The amount is over 8.2 million PLN.
GPW is once again under geopolitical influence. The possible end of the war in the Middle East caused Warsaw indices to perform quite well. However, coal companies lost heavily.
According to the BIK report for 2025, only 17% of micro‑firms used a bank loan. This does not mean that entrepreneurs do not need external financing, but rather that most of them lack access to standard bank products, even though they need additional funds for development or day‑to‑day goals. A large group of companies—those with short tenure, too low revenues, or payment arrears—remain out of sight for traditional banks.
Unemployment in Poland after several months of increases, which we reported on FXMAG, finally slowed down. The unemployment rate recorded at the end of March 2026 was 6.1%, exactly the same as the month before. Compared year‑to‑year, however, it is much worse.
This is a scandal on a massive scale or a strategic operation carried out within the law? For now, the question remains unanswered. The situation concerns Hungary, where several months before the elections many state-owned properties were to be sold - reports the Hungarian portal G7.hu.
The Bitcoin price is increasingly dependent on geopolitical and macroeconomic factors. Christopher Kock, CEO of Virtune, in an interview with FXMAG pointed out what could drive demand for Bitcoin and other leading cryptocurrencies.
A company from the automotive sector. Nearly 4 billion zlotys in annual revenue, hundreds of employees, contracts with conglomerates. On paper – a solid player. In its financial statements: debt exceeding 100% of assets, current liquidity of 0.4 and a net loss of over 230 million zlotys. The data had been in the public register for months. It was enough to open it.
What is happening in the Polish fuel market, specifically what the fuel giant Orlen is doing, is raising more and more controversy. After fuel prices suddenly spiked at the beginning of March, which economists say was not justified, the Group has started hiding the data it published each month. Case?
The government‑introduced deposit system in Poland still stirs extreme emotions and many controversies. It turns out that it may harm the environment more than protect it. At least that’s what journalist and owner of Zero Channel Krzysztof Stanowski claims, citing studies that show the deposit system emits significantly more carbon footprint than before. And that’s not all.
Denmark's pharmaceutical conglomerate Novo Nordisk announced a partnership with OpenAI. Artificial intelligence is set to help the company solidify its market position and streamline the development of innovative drugs. The new impetus could change the direction of Novo's shares, which have fallen almost 18% since the beginning of the year.
The first quarter of 2026 recorded a bloody red on the stock charts for the SaaS sector. Global sentiment, driven by fears of the destructive power of genAI, struck a ricochet also on the Warsaw exchange. In the epicenter of this storm was the company cyber_Folks, the giant driving Polish e‑commerce. mBank analysts confirmed lowered recommendations.
The Strait of Hormuz blockade continues. The political stalemate between the United States and Iran has a significant impact on currency markets. According to analysts at Goldman Sachs Research, geopolitical tensions could soon lead to clear changes in currency rates, including the dollar and euro.
Geopolitical pressure in the Strait of Hormuz has just reached its peak. President Donald Trump's decision to impose a maritime blockade on Iranian ports sent oil prices on an extreme rally up and down the charts. Although theoretically the strait has been closed since yesterday, the first tanker challenged the U.S. Navy.
In less than three weeks, that is, on April 30, the deadline for filing the 2025 PIT tax returns is approaching. Some taxpayers may keep all their profit by taking advantage of deductions. However, this does not exempt them from filing income with the Tax Office.
Today the GPW was strongly influenced by the situation in the Middle East. One company gained significantly due to the Hungarian election results.
This will be the highest dividend payout by Orange Polska in 14 years. In early July Orange Polska will pay investors over PLN 800 million in dividends. This is the largest amount the company has transferred in this way since 2012.
Peace talks between the USA and Iran have been broken off, and Monday in financial markets still feels like a thriller where the main character bets everything on escalation. Donald Trump announced a full maritime blockade of Iranian ports, which is set to take effect later today.
In Poland, the availability of cheap rental apartments will increase – the ruling coalition politicians repeat. For now, these are merely political promises. What is the reality? It turns out that renting in our country is so expensive relative to wages that it consumes most Poles’ salaries. This translates into postponing family decisions and the inability to save for a home.
According to the Monthly Business Conditions Index, 25% of enterprises in Poland plan to raise employee wages by the end of the year. While this data should inspire optimism, previous reports show the situation is somewhat more complicated.
The Hungarian forint gained from the opposition’s victory in the Hungarian elections. Viktor Orbán lost power after sixteen years, which, according to experts, will strengthen ties between the country and the European Union. "Another reason to extend the boom," analysts at ING Think say.
Health care is one of the most difficult and simultaneously the most demanding areas that the ruling government must confront. Despite promises that access to doctors will increase and all problems will disappear “as if by a magic wand”, the problems are growing. What the government has failed to achieve for over two years, one of the coalition partners – PSL – claims it can fix, asserting it knows how to heal Poland’s health protection system.
The British government has taken a close look at rising energy prices, which are driven by the ongoing conflict in the Middle East. Concerns are heightened by the lack of breakthrough in peace talks, as reported by the US government. The stance was communicated by Treasury Secretary Rachel Reeves and British Prime Minister Keir Starmer.
Budapest has not seen such an exciting night in decades. Viktor Orbán, who for 16 years shaped Hungary into a model of “illiberal democracy,” has just heard a firm no from voters. Peter Magyar and his Tisza party not only won, but practically crushed the Fidesz party system, gaining a constitutional majority.
This is supposed to be a breakthrough for Polish agriculture, which is falling into increasingly serious problems. And through Mercosur it could get even worse. The way out of the deadlock is supposed to be a proposal from the government that wants farmers to use potatoes for biogas production. The idea, which so far stirs extreme emotions, according to coalition politicians could be the only way to prevent the collapse of many farms.
The prospect of de-escalation in the Middle East moved further away after failed talks in Pakistan. As Donald Trump informed, the United States and Israel did not reach an agreement on a key issue. In a conversation with FXMAG, Adam Fuchs, an analyst and currency dealer at Walutomat.pl, explained how the war in Iran could still affect the currency market.
The war in the Middle East has also struck the gas market hard. European storage facilities are empty, and the price of this commodity continues to rise. At FXMAG we spoke with geo‑economics expert Maciej Bukowski about what Poland and Europe can do to curb price increases and secure future supply of the resource.
Analysts are wondering how the dollar rate will behave in the context of current geopolitical turbulence. According to one of the larger banks, "the dollar weakness will last in 2026."
Cash PIT was supposed to answer the needs of micro‑entrepreneurs who do not want to pay tax before receiving payment for an issued invoice. The solution available to entrepreneurs turned out not to be a hit among them. So far, only a little over 3 000 companies out of almost 3 million eligible have taken advantage of this option.
Today investors on the Polish exchange could count on gains. The exception was those who still trust Polish coal. Those saw declines.
Keir Starmer, trapped between rising public discontent and the unpredictable politics of great powers, pointed the blame for the energy chaos in the Isles at the Prime Minister of the United Kingdom, who bluntly says: "I'm fed up." Is the attempt to regain control of the narrative now the only way out?
An employee should use a sick leave according to the doctor's recommendation. Everything is to allow that period to help them return to health as quickly as possible. As a result of the control carried out by ZUS employees, it turns out that people on L4 do not always use the leave in the proper way. From Monday, April 13, 2026, new guidelines come into effect, stating what the convalescent may allow themselves during this time.
The UK property market has hit pause. The conflict in the Middle East has struck the Royal Institution of Chartered Surveyors' forecasts, which state that the Bank of England's monetary policy will soon play a major role in British buyers' decisions. The market therefore expects not cuts, but increases in loan costs.
CD Projekt shares have again fallen below value. Although the first trading session after announcing a two‑week suspension of weapons in the Middle East surprised with gains, subsequent days brought falling prices.
The Washington appellate court decided that national security and the Pentagon’s operational freedom are more important than the point of view of one of the biggest AI start‑ups on the planet. How long will the giant remain on the supply‑chain threat list?
The bank that will disappear from Polish streets in two weeks is Santander Bank Polska. This does not mean that its branches will be liquidated. They will simply change their name to Erste Bank Polska. The rebranding is scheduled to take place in just a few days, between April 24 and 26. What does this change mean for customers?
Thursday is another day in the saga titled “fuel prices”. It is a topic that generates huge interest. This time it finally has a positive tone. All thanks to the wholesale price cut made by Orlen.
The Middle East conflict has calmed after the announcement of a two‑week ceasefire. Nevertheless, Donald Trump continues to attack Iran through posts on the Truth Social platform. Marek Rogalski, chief market analyst at BOŚ Brokerage House, told FXMAG how the current situation is affecting the currency market.
Poles who want to take out a mortgage must arm themselves with patience and extensive knowledge, because analyzing a loan contract often requires them to play the role of “lawyers” if they want to be sure that the document does not contain clauses that could be risky in the future. The government regulation was meant to simplify this, but… it will not come into force.
The construction of the diameter tunnel in Łódź is to be resumed. PKP PLK wants this, and is preparing to select a new contractor. So far, an expert assessment of the technical condition of the TBM shield is underway, and preparations to take over the tenements located on the tunnel route are also ongoing.
Today’s session on the GPW was much calmer than yesterday’s. The further development of the situation will depend on whether peace in Iran holds, or whether fighting will resume soon.
Financial markets cannot stand emptiness, but they despise uncertainty disguised as optimism even more. The current gold chart looks like walking on thin ice. A clear stabilization is emerging, yet beneath the surface the geopolitical element still roars. After two days of dynamic gains, the gold price entered a waiting phase. Peace in the Middle East hangs in the balance again.
The Monetary Policy Council has already decided on the level of interest rates in Poland. They will remain unchanged, which means no impetus for the WIBOR rate to fall, which in turn affects the interest rates on mortgage loans.
News from the front pages of newspapers mix with the oil price. Futures prices rose again after the recently announced U.S.-Iran agreement was deemed by the market to be fragile. Nevertheless, Goldman Sachs decided to revise its forecasts.
Bitcoin returned to the world of the living after Donald Trump passed information about halting attacks on Iran. The issue remains the durability of peace in the Middle East. Moreover, the future of the cryptocurrency will be decided not only by geopolitics.
Contemporary business relies on efficient logistics, process optimization, and effective resource management. Regardless of the industry – manufacturing, warehousing, or retail – the right infrastructure and equipment that truly impact work productivity are crucial. It is in this area that helipolska.pl is establishing its position – a company offering comprehensive solutions for logistics and warehousing.
In a world where fashion changes from season to season, more and more people are stopping blindly following trends. Instead, the need for authenticity, quality and consistency with one's own lifestyle is growing. Modern clothing brands are developing in this direction, selling not just clothes but building a specific philosophy around them.
Cash needed here and now. This is a situation that any of us can find ourselves in. The simplest way to meet a financial shortfall is a loan. But what if the scoring is not optimal? Then you can use the services of loan companies that are willing to accept higher risk than banks. All on rules regulated by the legislator.
Donald Trump shed light on the potential resumption of conflict between the United States and Greenland. During criticism of NATO member states, the Republican again expressed desire to take over this territory. "They don't want to give it back to us," the US president admitted.
Today GPW investors should be very grateful to Donald Trump. His decision regarding the war in the Middle East gave them plenty of profit.
February 2026 was the first real test of mandatory KSeF for the largest companies. Already after a few initial weeks, figures emerged that allow assessing the scale of market readiness for upcoming changes, the pace of implementation within the obligated group, and the number of companies that entered KSeF voluntarily before April 1. Today the iKsiegowa portal looks at how the first month of mandatory KSeF for the largest companies unfolded.
After a great reception of the first workshop edition under the semKRK banner, we invite you again to three days of intensive learning in a fully online format. From March 17-19, 2026, practical workshops for intermediate and advanced users of Google Analytics, Google Ads and SEO will be conducted by top industry experts.
Bitcoin has been rising for several hours. This is the result of what is happening in the Middle East. Donald Trump announced a suspension of weapons in the region. It is uncertain whether it will be lasting, but it has activated market bulls who today are much more willing to invest in risky assets.
We maintain the Buy recommendation for Selvita, lowering the target price to 42 PLN/share, reflecting: 1) a 8% reduction in the long‑term EBITDA path after a weak 1Q26 and 2) the war in Iran, which poses new risk for the CRO industry.
Today, among other things, Hungarian inflation for March and a description of the discussion at the last FOMC meeting
Iran and the US announced a two‑week ceasefire
Final data confirmed a sharp drop in services PMI in the euro zone and Germany in March
The zloty strengthened after the ceasefire, domestic bond yields rose yesterday
Yesterday a preliminary agreement was reached between Iran and the USA, which involves opening the Strait of Hormuz in exchange for halting attacks. Markets react very positively, even though ships are still not passing through the strait. We do not know the details of the deal. It is a ceasefire, not a peace.
U.S. President Donald Trump announced acceptance of Pakistan’s proposal, which acted as a mediator between Washington and Tehran, to introduce a two‑week ceasefire, contingent on Iran’s approval of immediate unlocking of the Strait of Hormuz.
Today the April meeting of the Monetary Policy Council begins. The decision on interest rates will be known tomorrow afternoon. Also tomorrow at 15:00 a conference of the NBP President A. Glapiński is scheduled.
Everything points to the United States–Iran war coming to an end. A two‑week ceasefire was announced overnight from Tuesday to Wednesday, during which a total peace is to be negotiated. So who is the winner? Both sides have already declared triumph, but in this case the verdict may be exceptionally unclear. The biggest winner turns out to be China.
One and a half hours before the deadline set by D. Trump, the American president announced that he had agreed to Pakistan's proposal to suspend hostilities for two weeks, if Iran opens the Strait of Hormuz. Tehran, according to the Foreign Minister’s statement, “accepted the ceasefire” and confirmed that “for a period of two weeks it will be possible to safely transit the Strait of Hormuz.”
The first trading day after a long weekend passed in a nervous atmosphere. Investors tracked information about the war in the Middle East, and the approaching deadline of Donald Trump’s ultimatum added an extra dose of uncertainty.
Energy Minister M. Motyka informed that the price of aviation fuel is twice as high as before the US and Israel attacks on Iran, yet there are no signals that Polish suppliers are experiencing shortages.
Donald Trump announced a ceasefire in Iran. As a result, oil prices fall and gold rises. Does this mean a new rally is ahead? The market still faces much uncertainty.
The Tuesday session in financial markets was defined by the expectation of the outcome of the ultimatum presented to Iran by the USA, which – in the absence of an agreement – was to lead to large-scale military destruction.
Tuesday’s session on European markets unfolded in a tense atmosphere, awaiting the deadline set by the U.S. President for the reopening of the Strait of Hormuz by Iran.
All eyes in the world were turned to the Middle East on Tuesday. President Donald Trump's ultimatum was set to expire overnight from Tuesday to Wednesday Polish time. The worst scenario ultimately did not materialize – the United States and Iran agreed to a two‑week ceasefire. The condition of the agreement is the immediate opening of the Strait of Hormuz by Iran.
GPW gave investors hope for gains today. That hope proved fleeting as the session ended in declines. The biggest loser remains Big Cheese Studio, which still has a counterattack idea.
The first 100k PLN is a psychological barrier to building wealth, and crossing it requires consistency and time. It marks the transition to the next stage, where accumulated capital plays an increasingly larger role.
The most important macroeconomic factor driving markets today is the Fed’s revaluation, specifically the sharp correction of expectations regarding rate cuts and target rate levels amid persistent inflation.
US indices in correction with upward EPS revisions. Tech and energy lead the revisions. The earnings season starting this month in the US will need to meet higher expectations, especially from upward EPS revisions for the tech and energy sectors.
GPW again gives investors huge emotions today. It's not funny for Creotech investors. The company attributes the decline to special reasons. What exactly happened?
The war in the Middle East shows that gold does not always behave as investors expect. While geopolitical tensions usually supported the metal’s price, this time the opposite is happening. Just yesterday, after Donald Trump suggested the possibility of escalation and more intense bombings of Iran, the price of gold fell by 0.5 %.
This week the Monetary Policy Council will meet, most likely keeping interest rates at the current level. We do not expect a change in the RPP’s rhetoric, which consistently communicates a wait‑and‑see approach.
In our view, NBP interest rates will remain stable in the coming months, and the government’s protective measures on fuel prices further increase the likelihood of such a scenario.
Last week, financial markets remained highly volatile, with the main factor shaping prices still being reports from the Middle East and their impact on oil prices.
The situation in Iran has entered a phase where the military conflict increasingly turns into a crisis with strategic, energy, and macroeconomic dimensions. The key point of contention remains the Strait of Hormuz, one of the world’s most important oil and LNG transport routes.
According to preliminary estimates from GUS, inflation in Poland rose to 3.0% YoY in March from 2.1% in February, falling below our forecast (3.1%) and market expectations (3.2%). The biggest contributor to the acceleration of inflation was the increase in fuel price dynamics, which rose by 8.5% YoY in March compared to a 7.8% decline in February.
The conflict in the Middle East remains at the center of financial markets’ attention. Today the ultimatum set by D. Trump for Iran regarding a ceasefire or opening of the Strait of Hormuz has passed.
The last session before the Easter holidays (on Thursday) ran on the Warsaw Stock Exchange in calm moods. Large and mid-cap companies gained about 0.9%, with a minimal drop in the sWIG80. However, these were still positive results, as most European indices recorded slight declines.
From a market perspective, the Easter break passed amid reports from the Middle East, specifically the downing of a U.S. F‑15E over Iran. Two crew members were ejected from the aircraft, one was quickly located, and the other hid before being rescued by U.S. forces in accordance with the “No‑one‑left‑behind” principle.
The long holiday weekend did not bring a resolution to the issue that has been dominating market sentiment for over a month, namely the war in the Middle East. Investors nervously react to any reports of potential escalation or de-escalation of the conflict, but in a flood of contradictory information it is difficult to realistically assess the progress of peace talks.
Today final March PMI service readings for Germany and the euro zone
FAO food price index dynamics rose in March to 1.0% YoY
EUR/PLN rate and bond yields stable
Bitcoin closed the previous month recording a small profit for its investors. Will April continue this trend? There are chances. The problem remains what is happening in the Middle East.
In the week that ended, which was shortened to four sessions on most major equity markets, there were more or less dynamic rebounds. The focus was on Donald Trump’s speech, from which signals about the end of the war in the Middle East were expected.
