2025-12-17 08:39
publication
2025-12-17 08:39
On Tuesday, WIG20 lost 1.08% and interrupted the series of six increasing sessions in a row. Supply also prevailed in other European markets. However, the mood on Wall Street was mixed yesterday: the S&P 500 recorded a slight decline, and the Nasdaq managed to gain little – write analysts from the BNP Paribas Bank Brokerage House in their morning commentary.
WIG20's good streak interrupted
On Tuesday, WIG20 interrupted an upward streak lasting six sessions in a row. The index of the largest Polish companies ended the day at 3,103 points, which means a decline of 1.08%. The leader of declines among blue chips was CCC, whose shares fell by over 8%. In the case of indices of small and medium-sized companies, the declines were smaller, but it is worth remembering that in recent days WIG20 has performed much better.
Supply also prevailed in other European markets. The German DAX fell by 0.63% and the French CAC40 fell by 0.2%. Yesterday's PMI readings were disappointing, as they were expected to show an improvement compared to the previous month, and both the industrial and services PMI for the euro zone recorded a deterioration in December.
Data from the US did not change the market picture
However, the key information that investors were waiting for yesterday was data from the American labor market. Due to the government shutdown, they were not published last month, and the situation on the labor market is now being closely watched in terms of possible further Fed decisions. The number of new jobs in non-farm sectors in the United States fell by 105,000 in October. In turn, data for November showed that 64,000 new jobs were created. compared to the expected 40 thousand However, the unemployment rate in the US was 4.6% in November, which was worse than forecasts that suggested 4.5%.
However, these data did not significantly change the market's perception, which still believes that interest rates will be maintained at the current level at the next Fed meeting. This scenario is estimated with a 75% probability.
The mood on Wall Street was mixed yesterday: the S&P 500 recorded a slight decline and the Nasdaq managed to gain only slightly. Tesla did well, with its shares increasing by over 3% and the price setting a new historical high of USD 491.
The next important macro readings are only tomorrow
Today's macroeconomic calendar is relatively empty. Domestic investors will have to wait until tomorrow, when we will know some data from the Polish economy. The Central Statistical Office will publish data on industrial production, construction and assembly production and data from the Polish labor market. In the case of industry, BNP Paribas economists expect solid growth in November to 3.9% from 3.2% y/y in October. Construction and assembly production, which recently clearly surprised the markets in October (+4.1% y/y), probably increased by 3.0% y/y in November. In the case of wage data, it is believed that the dynamics slowed down to 6.5% and employment decreased by 0.8% y/y.
Dominik Osowski, Brokerage House of BNP Paribas Bank
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