After a strong sell‑off at the opening, the Swiss SMI moved in consolidation, ending down 0.90%. With a clear supply gap at the opening, the key London index FTSE100 fell 0.75%. The pan‑European STOXX was over‑priced by 0.49%. The supply advantage was also evident in Frankfurt (DAX: -0.34%), Paris (CAC: -0.23%) and Madrid (IBEX: -0.55%). After yesterday’s declines during Thursday trading, the Italian FTSE MiB rebounded, staying above the threshold (+0.50%) after a strong close. Against the over‑valued Europe, the surprise was the strength of domestic buyers. The second and third lines of companies performed noticeably better: the mWIG40 index strengthened by 0.53%, and the sWIG80 by 0.62%.
The broad market index WIG strengthened by 0.12%, with low total turnover at 2 bn PLN. The falling index of domestic blue chips, WIG20, lost 0.03%. The most important event without doubt was the report from Orlen, which presented the best quarterly results in three years. Net profit exceeded 8 bn PLN and was almost a third higher than market consensus, confirming that the high energy and fuel prices after the Ormuz crisis strongly supported the group’s results.
Group Kęty and Orange Polska
In response to the publication, the company’s shares strengthened yesterday by 1.85%. It is also worth noting Group Kęty and Orange Polska, which after gains of 1.08% and 2.08% respectively are at historical highs. Benchmark 10‑year SPW yields slightly fell and currently sit at 5.791%.
The biggest U.S. aggregates quickly shook off morning anxiety, only to climb to their historical records later in the day. The broad market index S&P 500 strengthened by 0.58%.
American technology performed even better, represented by the Nasdaq Composite, where after a session characterized by an upward trend we saw a 0.91% rise. The industrial stocks index DJIA also finished above the threshold. The star of yesterday’s session was Snowflake, whose shares rose over 36% after strong quarterly results.
The company showed a 33% year‑on‑year revenue increase, narrowed its net loss, and raised full‑year forecasts. An additional boost to the share price came from the announcement of a multi‑year AWS computing capacity contract, strengthening the company’s exposure to the AI market growth.
Nikkei gains 2.60%. Sensex rises 0.06%, and Nifty 0.59%
One and a half hours before the opening in Europe, optimism dominates Asian markets. We observe risk‑asset allocation among Japanese investors, causing the Nikkei to gain 2.60%.
The buying advantage was evident in India: Sensex rises 0.06% and Nifty 0.59%.
We also see gains in South Korea, where KOSPI gains 3.26%. We see a lack of conviction in China, where the Hang Seng gains about 1% and the Shanghai Composite visibly loses (-0.25%).
Morning brings slightly over‑valued oil: the Brent contract trades below $92 per barrel. The futures market for European and U.S. indices shows green, suggesting a positive start to today’s cash session.
The chance of reaching an agreement by the end of the month is clearly narrowing, but investors’ eyes and ears will remain focused on the Ormuz Strait and the information flowing from it.
