This weak reading naturally reduced concerns about potential interest rate hikes by the Washington Fed. The depreciating dollar and the prospect of a less restrictive monetary policy naturally supported European markets. The biggest winner of Thursday’s battles turned out to be the German DAX (+2.16%), which, after a session characterized by an upward trend, strengthened noticeably. Demand also prevailed in Paris (CAC40: +1.65%), Zurich (SMI: +1.69%), London (FTSE100: +1.67%) and Milan (FTSE MiB: +1.60%).
The most important European index, the STOXX, closed 1.41% higher. Interestingly, investors dumped 10‑year Bunds, which led to an increase in their yields. The yield on those securities remains at 2.95%. The Warsaw Stock Exchange was among the strongest markets on the continent. Blue‑chips dominated the domestic scene.
GPW: CD Projekt (+3.56%), Modivo (+3.40%) and Tauron (+2.42%)
The WIG20 index, composed of the largest companies, climbed 1.57% over the entire session. The driver of the gains was Orlen (+4.78%), supported by the continued rebound in the fuel sector. CD Projekt (+3.56%), Modivo (+3.40%) and Tauron (+2.42%) also performed well.
The broad market index WIG, after a session characterized by a twin trajectory, strengthened by 1.46%. On Thursday, investors selected components from the second and third tiers of companies. The mWIG40 and sWIG80 indices gained 1.41% and 0.28%, respectively.
Against the European backdrop, Polish SPW attracted investors, which translated into a 3‑basis‑point drop in yields. The benchmark 10‑year yield remains at 5.241. The picture of investors’ struggles on Wall Street turned out to be more varied.
The broad market index S&P500 closed just above the threshold, while the Nasdaq Composite fell 0.80%. The most important information was the NFP report mentioned in the introduction, followed by the depreciating dollar and optimism on equity instruments.
Micron (-5.49%), SK Hynix (-14.57%)
At the same time, we observed sustained pressure on memory companies: Micron (-5.49%), SK Hynix (-14.57%) and the neoclouds: CoreWeave (-4.60%) and Nebius (-5.92%). Revisions regarding the Fed’s rate path naturally led to a decline in Treasury yields across the curve. The U.S. 2‑year is quoted at 4.13%, and the 10‑year at 4.47%. Americans are celebrating Independence Day today, which means trading will not take place.
