Thursday's session on Wall Street ended in solidarity declines of major indices. In this devaluation, however, was more of the consolidation than the withdrawal. Following a weak start, which to the greatest extent was the transfer of the atmosphere from the raw materials market, indexes found their stabilization, and in the final reduced earlier losses. In the case of the S&P500 decline was barely 0.17 percent.

The contract on the DAX indicates that morning in Europe looks for stability.

The macro calendar is relatively empty today, and investors' attention has already shifted to the next week and waiting for Wednesday's message from the Federal Open Market Committee.

In this environment, Europe seems to be now doomed to look out towards the United States and seek there the signals that allow estimating the mood ahead of the FOMC.

In the case of the Warsaw Stock Exchange, equally important is the behavior of emerging markets, which - as we can see from yesterday's weakening of the zloty - were the correction of optimism reinforced the week before by weak data from the US labor market.

It seems that the correction rather gain momentum. Emerging markets are simply conducive to further weakening of the zloty, which combined with the WIG20 correlation with the zloty does not benefit the bulls in Warsaw. Taking into account the neutral setting of European markets, opening of the WIG20 should fall to levels that will sustain the suspension of the index between 1,850 and 1,800 pts., and in the following hours will be important variables such as the condition of the zloty and other indexes.