Blood was spilled on the largest European exchanges, where the Paris CAC40 fell (-0.46%), the Swiss SMI fell (-0.13%) and the German DAX fell (-0.27%). The pan-European STOXX600, in the final settlement, ended Tuesday weaker by 0.37%. German 10‑year government bond yields rose by over 3 basis points, staying at 3.0687.
Pessimistic investor sentiment was evident in the domestic equity market, where we saw a sell‑off of equity assets and a rise in yields. Benchmark 10‑year Treasury yields rose by 8 basis points to 5.760.
Among the indices, the Warsaw blue‑chip index was the most overvalued, after a session characterized by a downward trend, WIG20 ended trading weaker by 0.76%.
KGHM (-4.10%), Dino (-3.73%) and Budimex (-3.08%)
The most overvalued components were: KGHM (-4.10%), Dino (-3.73%) and Budimex (-3.08%). The broad market index WIG, characterized by a similar session trajectory, ended the day weaker by 0.70%.
The second and third lines of companies were also sold off – the mWIG40 and sWIG80 indices fell 0.41% and 0.67% respectively.
After yesterday’s session, XTB’s first‑quarter 2026 results were published. The company presented very strong data, beating market expectations – revenue was 1.09 bn PLN, an 88.5% year‑over‑year increase, EBIT 629.7 m PLN (+138.1% y/y), and net profit 535 m PLN (+195.7% y/y).
In the last quarter, the largest segment remained CFD commodity contracts, accounting for 88.5% of revenue from financial instrument operations.
S&P500, NASDAQ, DowJones, Russell2000, KOSPI, Hang Seng – quotes
We also observed overvalued indices far away, on Wall Street. The broad S&P500 opened with a clear supply gap, ultimately weakening by 0.49%. The American technology sector, represented by the Nasdaq Composite, did not support the decline (-0.90%).
Small‑cap entities, i.e. the Russell2000 components, were evidently overvalued, which after a clear sell‑off in the early hour ended the day weaker by 1.15%.
The Dow Jones Industrial Average components performed relatively best, comprising key industrial players – the index closed slightly below the line, weaker by 0.05%. Morning views of Asian markets bring optimism and strengthening of indices.
Investors are taking risk in China, which we see in the strongly rising Hang Seng (+1.51%) and the continental Shanghai Composite (+0.55%).
One hour before the start of European trading, India’s weak performance in recent months is rising: Nifty strengthens by 1.22% and Sensex by 1.16%. Buying pressure was evident in South Korea, where KOSPI remains in a clear positive (+0.62%). Due to Showa Day, a national holiday in Japan, trading does not take place.
UAE decided to leave OPEC and OPEC+
Yesterday we learned that the United Arab Emirates decided to leave OPEC and OPEC+.
The UAE was the second most important member of the organization, right after Saudi Arabia, which is a strong blow to its position. The main reason for the decision is, of course, the desire to increase oil production and geopolitical tensions.
As a result of rising supply concerns, we observed yesterday a rise in oil contract prices: WTI up 3.69% and Brent up 2.80%.
The most important event of the day is undoubtedly the decision on the level of interest rates by the Federal Reserve and the subsequent Powell conference. Our assumption remains to keep rates unchanged at 3.50%–3.75%. Remember that the incumbent Chairman Jerome Powell’s term ends on May 15, meaning this is the last meeting he will chair.
