A giant restatement of banks on the Greek stock market crash and data from the US labor market. Here are the major events that took place this week on the financial market. Top this week fell small companies, whose index gained more than 3 percent. Scored a record decline in Getin Noble Bank, whose shares over the five sessions become cheaper by more than 20 percent.
In the end, the Warsaw Stock Exchange this week lost value. The index representing all listed on the securities lost 0.49 percent. WIG20 index lost 1.38 percent the week scale. Top fared little company, as sWIG80 went up by 3.14 percent.
For large companies the worst was the Thursday session. The reason was the crash on the shares of banks, which was triggered parliament decision on the possibility of conversion of loans in foreign currencies, eg. In Swiss francs. The mere possibility of conversion is not as surprising as the fact that 90 percent of the cost of transactions, and not, as previously announced 50 percent, it has to redeem the bank. Conversion want to follow the exchange rate that applied at the date of the restructuring agreement. Therefore, you can expect a sizeable burden on banks’ results.
The WIG-Banks lost 5.6 percent on Thursday. Most have gone down shares of Getin Noble Bank, Bank Millennium and mBank. On a week their discount exceeded 10 percent.
Last week on the Warsaw Stock Exchange, is also the results of the biggest companies. On Tuesday, Bank Pekao reported that in the second quarter earned $ 619.21 million net profit zł. This is less than in the same period of the previous year. Despite Thursday’s decline, the scale of the week the bank’s shares gained about 0.5 percent.
Also on Tuesday announced the results of TVN. The media company reported a profit three times smaller than a year earlier. The reason was, among others, drop in viewership and decreasing the number of subscribers of NC +. In addition, the information is already confirmed that TVN will disappear from the stock exchange by the end of the year.
Good business results boasted of ING Bank Slaski. Its profit went up by 22 percent year on year. Among the major events that have affected the profit of the bank was turmoil on the Swiss franc as well as the conclusion of the credit agreement with one of the companies in the retail industry.
This week, the first time since June 29, opened the Greek stock exchange . Most investors do not spooked declines in Athens, which exceed even 20 percent. Finally, at the end of the session, the main index dropped by 16 percent. The situation of Greece rebounded mainly on investor sentiment with stock exchanges in emerging markets such as Poland and Turkey.
The stock market in Greece closed in fear of total sale securities due to the bankruptcy of the country. Bundled with this because it was not seen in Western Europe. DAX, CAC, or IBEX gained more than percent this week.
A lot has happened also overseas. The highlight was the Friday publication of data from the labor market. The US unemployment rate in July was 5.3 percent. This is the same as in June and at the same time the most since April 2008. Good data from the US labor market may convince the US central bank for the first nine years of interest rate hikes, which would be one of the highlights of this year for financial markets.
The market takes into account two scenarios of interest rate hikes. A more radical voices speak about the change in September, some analysts favor of a hike in December. Between September and December meeting, the Fed will have one more thing – 27-28 October.
The thinking also give very good data from the service sector in the US. The index expresses the sentiment among managers of service companies reached a value of 60.3 points, which is the best result since August 2005.
The above text is an expression of personal views and opinions of the author and should not be construed as a recommendation to buy or sell securities.
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