The US dollar strengthened significantly against the euro, updating the maximum of April. Experts point out that the European currency came under pressure after the publication of weak data on business activity. The research organization Markit Economics said the composite Purchasing Managers' Index, which combines manufacturing and services, fell to two-month low of 53.1 from 53 in March. Economists had forecast a 53.3 estimate. Production Preliminary PMI fell to two-month low of 51.5 from 51.6 in March. Economists had expected a rise to 51.8. PMI in the service sector rose to 53.2 from 53.1 in March, but did not meet analysts' expectations at 53.3. "PMI data suggest that the pace of economic growth at the beginning of the second quarter was slightly weaker than the average in the first quarter, and a little slower than average in the past year", - Markit said.

A stronger dollar has continued despite the weak data on US PMI. Preliminary manufacturing PMI from Markit was 50.8 in April from 51.5 in March, signaling the weakest rise since September 2009. Weaker industrial production and the growth of new orders, along with weaker growth in the number of staff were major factors in the PMI pressure in April. Last rise the level of production has been uneven and the slowest since the moment when the recovery began in October 2009.

Meanwhile, the results of a survey of 80 economists conducted by Reuters showed that none of them did not believe in the possibility of increasing the Fed rate in April. 50 out of 80 respondents said that they expect a rate hike in June. However, according to the forecast of the majority, to the end of 2016 the rate will increase to a level of 0.75-1.0%, which actually means a further 2 increase.

The pound rose substantially against the US dollar, setting a new April high. The main support to the pound provided the results of public opinion polls, which are somewhat eased concerns about the risk of the UK release of the EU. Also, raising the pair GBP / USD has contributed a noticeable drop in EUR / GBP and the growth of GBP / JPY on the weakening yen. Little influenced by the results of a survey by Markit Economics and Knight Frank. Sentiment against housing prices, or HPSI, by Knight Frank / Markit fell slightly to 60.1 in April from 60.5 in the previous month. However, the value above 50 indicates an increase in housing prices. This was the thirty-seventh month in a row, when the index is above 50. Housing prices in London are perceived with the strongest growth rate in April, followed by the south-east of prices. The future HPSI, the measure of house price expectations fell to 68.8 from 71.6 in March. "The study underscores another decline in the number of households who intend to buy property in the next two years, taking into account the fact that the index is significantly below its peak in February 2015," said Tim Moore, senior economist at Markit.

The Japanese yen fell more than 200 points against the US dollar, reaching a low of April 4 and fixing the maximum daily decline with the introduction of the Bank of Japan's era of negative interest rates on excess reserves with the Central Bank. Pressure on the yen strengthened to the information that the Bank of Japan is considering measures to support financial institutions. The Central Bank reported that they began to discuss the likelihood of the introduction of negative interest rates. Recall, the Central Bank is now offering loans at 0% APR. As of April 10, the Bank of Japan gave in 2013 about 24.4 trillion yen. Basically, the money went to buy government bonds.

Investors are also waiting for the Bank of Japan meeting, scheduled for 27-28 April. In addition to the decision on the monetary policy of the Bank will publish its inflation forecasts and economic growth. The latest survey of 16 analysts conducted by Reuters showed that the Bank of Japan may again soften the policy by July. 8 of them are waiting for policy easing at the meeting of 27-28 April, 3 predict that softening occurs in June, 5-Ro - in July.

The Canadian dollar has appreciated sharply against the US dollar after strong data on retail sales and consumer prices, but soon lost nearly all positions, despite the rise in oil prices. Statistics Canada reported that retail sales rose for the second month in a row, by 0.4% to $ 44.2 billion in February. Growth was recorded in 9 of 11 subsectors, representing 89% of total retail trade. The increase in February was kept lower sales at gasoline stations. Excluding sales in this subsector, retail sales advanced by 1.0%. After removing the effects of price changes, in particular, lower prices for gasoline, retail sales rose by 1.5% in real terms.

Another report showed that the consumer price index in Canada rose 1.3% in the 12 months to March, after increasing 1.4% in February. Excluding gasoline, the CPI rose by 1.9% year on year in March, matching the increase in February. Despite the monthly increase of 5.7% in gasoline prices in March, the gasoline index fell by 13.6% year on year in March, after falling 13.1% in the 12 months to February. Prices rose in six of the eight major components on an annual basis in March, with the price indices for food and accommodation contributed to the largest contribution to the increase in the consumer price index. The base consumer price index of the Bank of Canada increased by 2.1% per year, after rising 1.9% in February. The seasonally adjusted core index rose 0.3% MoM in March, after rising in February by 0.2%.

Stock indices closed lower on a drop in shares in the auto sector and on mostly weaker than expected manufacturing and services purchasing managers' indexes (PMI) from the Eurozone. Markit Economics released its preliminary manufacturing and services PMIs for the Eurozone on Friday. Eurozone's preliminary manufacturing PMI declined to 51.5 in April from 51.6 in March. Analysts had expected the index to increase to 51.8.

Output in the manufacturing sector was moderate, new orders improved slightly, while input prices fell.

Eurozone's preliminary services PMI increased to 53.2 in April from 53.1 in March. Analysts had expected the index to climb to 53.3.

Output in the services sector was moderate, new orders improved slightly, while input prices rose.

"The Eurozone economy remains stuck in a slow growth rut in April, with the PMI once again signalling GDP growth of just 0.3% at the start of the second quarter, broadly in line with the meagre pace of expansion seen now for a full year," Markit's Chief Economist Chris Williamson said.

"A failure of business expectations to revive following the ECB's announcement of more aggressive stimulus in March is a major disappointment and suggests that the modest pace of growth is unlikely to accelerate in coming months," he added.

Germany's preliminary manufacturing PMI climbed to 51.9 in April from 50.7 in March, beating forecasts of a rise to 51.0.

The rise in the manufacturing PMI was driven by a stronger demand from foreign markets.

Germany's preliminary services PMI was down to 54.6 in April from 55.1 in March. Analysts had expected index to increase to 55.2.

France's preliminary manufacturing PMI dropped to 48.3 in April from 49.6 in March. Analysts had expected the index to rise to 49.8. The manufacturing index was driven by declines in output, new orders, employment and input prices.

France's preliminary services PMI climbed to 50.8 in April from 49.9 in March. Analysts had expected the index to increase to 50.2. The services index was driven by rises in output, new orders, employment and input prices.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,310.44 -71.00 -1.11 %

DAX 10,373.49 -62.24 -0.60 %

CAC 40 4,569.66 -13.17 -0.29 %

Major U.S. stock-indexes lower on Friday after a slew of disappointing earnings reports from Microsoft and other major companies eclipsed a surge in oil prices which boosted energy shares. Microsoft was the biggest drag on all three major indexes. Crude rose about 2,5% on signs of strong U.S. gasoline consumption, declining production around the world and oilfield outages.

Dow stocks mixed (14 in positive area, 16 in negative area). Top looser - Microsoft Corporation (MSFT, -6,71%). Top gainer - The Travelers Companies, Inc. (TRV +1,91%).

Most of S&P sectors mixed. Top looser - Technology (-1,3%). Top gainer - Basic Materials (+0,8%).

At the moment:

Dow 17878.00 -21.00 -0.12%

S&P 500 2079.50 -3.25 -0.16%

Nasdaq 100 4447.75 -50.00 -1.11%

Oil 44.17 +0.99 +2.29%

Gold 1239.10 -11.20 -0.90%

U.S. 10yr 1.88 +0.01

Bank of England (BoE) Monetary Policy Committee (MPC) member Gertjan Vlieghe said in an interview with the Evening Standard on Friday that the BOE's interest rate could be theoretically negative.

"Theoretically, I think interest rates could go a little bit negative," he said.

He added that the central bank had to think carefully about benefits and costs of negative rates.

Oil prices jumped more than 2 percent, returning to five-month highs. Since the beginning of the week quotes Brent increased by nearly 6 per cent, while WTI - nearly 10 percent. Market sentiment improved amid signs that the continuing global oversupply can be reduced. The increase in gasoline consumption in the US, growing signs of reducing the various countries of the world production and the recent strike of oil industry workers in Kuwait have contributed to the return to investment in the sector.

Earlier this week, the US Department of Energy announced that oil production in the country decreased by 0.3% to their lowest since the end of 2014, 8.95 million barrels per day.

"Today's dynamics due to growing optimism of market participants, which is becoming more and more investors gradually become convinced that the worst is behind us and the global process of restoring balance in the oil market has already begun." - Said Dominic Chirichella, senior partner of the Institute of Energy Management. Meanwhile, Goldman Sachs analysts have pointed out that the recent rise in oil prices is not supported by fundamentals in the physical market, and there is a risk of falling prices in the near future. "Given the short-term and temporary nature of the current market balance, and the lack of stable long-term deficits in any of the markets react to these early signs of economic recovery and to make recommendations to invest in raw materials" - said the expert.

Later today, investors will be watching the data of oil and gas service company Baker Hughes in the number of drilling rigs for oil and gas in the United States. Recall the previous week the number of installations has decreased by 3 units, or 1%, and amounted to 440 units. In annual terms, a decline of 514 units, or 54%.

WTI for delivery in June rose to $44.15 a barrel. Brent for June rose to $45.61 a barrel.

Polish equity market closed lower on Friday. The broad market measure, the WIG index, fell by 14%. Sector performance within the WIG Index was mixed. Oil and gas sector stocks (-1.05%) tumbled the most, while food sector names (+0.89%) fared the best.

The large-cap stocks' benchmark, the WIG30 Index, lost 0.27%. In the index basket, oil refiner PKN ORLEN (WSE: PKN) continued to retreat, losing 2.59%. Other major laggards were IT-company ASSECO POLAND (WSE: ACP), clothing retailer LPP (WSE: LPP) and railway freight transport operator PKP CARGO (WSE: PKP), plunging by 2.3%, 1.85% and 1.35% respectively. On the other side of the ledger, oil and gas producer PGNIG (WSE: PGN) and chemical producer GRUPA AZOTY (WSE: ATT) were the growth leaders, with each gaining 2.14%.

Gold prices declined moderately today, updating the minimum of 20 April, which was caused by the strengthening of the dollar. Nevertheless, at the end of the week yellow metal has risen in price by almost a percentage.

The US currency has risen significantly against the yen on speculation the Bank of Japan is considering the possibility of negative interest rates as part of its program of lending financial institutions. Central Bank now offers loans at 0% APR. As of April 10, the Bank of Japan gave in 2013 about 24.4 trillion yen. Basically, the money went to buy government bonds.

A slight influence also provided data on the US, which showed that the preliminary manufacturing PMI from Markit was 50.8 in April, compared to 51.5 in March, signaling the weakest rise since September 2009. Weaker industrial production and the growth of new orders, along with weaker growth in the number of staff were major factors in the PMI pressure in April. Last rise the level of production has been uneven and the slowest since the moment when the recovery began in October 2009. Producers relied mainly on subdued demand conditions, delays in decisions on the costs to customers and a constant disadvantage in the energy sector.

"After yesterday quotes rose to a five-week high, today the precious metal once again losing ground due to the growth of the dollar against the yen and the euro", - said analyst ActivTrades Casa de Carlo. - Gold is likely to remain in the range, and only a close below $ 1225 will force the seller to increase the pressure. "

Meanwhile, analyst FXTM Otunuga Lukman said that in the future the price of gold could rise again because of the uncertainties associated with the global economy. Recall, gold recorded a maximum quarterly growth in nearly 30 years for three months in 2016 on expectations that the Fed will not raise rates this year due to market volatility and concerns about the Chinese economy. Recent data from China pointed to the recovery of industrial activity, investment and household spending, which increased the demand for metals used in manufacturing.

Also today, Goldman Sachs experts have maintained their "bearish" view on gold and other commodities, reiterating its recommendation to sell gold. "We still expect that the strengthening of the US labor market will force the Fed to raise rates three times this year, which will lead to a stronger dollar and a gradual increase in real interest rates in the US Against this background, the gold would be for the pressure.", - The Goldman Sachs analysts .

The cost of the June gold futures on the COMEX today fell to $ 1244.8 per ounce.

Japan's Ministry of Economy, Trade and Industry released its tertiary industry activity index on Friday. The index decreased 0.1% in February, after a 0.7% rise in January. January's figure was revised down from 1.5% increase.

The fall was driven by declines in business-related services, retail trade, electricity, gas, heat supply and water, and medical, health care and welfare.

On a yearly basis, the tertiary industry activity index climbed 2.3% in February, after a 0.2% rise in January.

The European Central Bank (ECB) released its Survey of Professional Forecasters for Q2 2016 on Friday. Forecasters cut their inflation forecasts. Eurozone's inflation is expected to be 0.3% in 2016, down from January estimate of 0.7%, 1.3% in 2017, down from January estimate of 1.4%, and 1.6% in 2018, unchanged from January estimate.

Long-term inflation forecasts (for 2020) remained unchanged at 1.8%.

The economic growth in the Eurozone is expected to expand 1.5% this year, down from January estimate of 1.7%, 1.6% next year, down from January estimate of 1.8%, and 1.7% in 2018, unchanged from January estimate.

Long-term growth forecasts (for 2020) remained unchanged at 1.7%.

U.S. Stocks open: Dow +0.11%, Nasdaq -0.80%, S&P -0.09%

Wall Street started the session at levels with the small differ from the indications of future contracts. This flat opening of the S&P500 may not become a serious impetus to the game in Warsaw.

At the moment WIG20 looking for a way out of the consolidation in the region of 1,930 pts., which dominates trading from the morning.

Without a doubt, the most important picture of the session remains low activity, which slightly more than an hour before the end of the session is at the level of PLN 300 mln. Probably until the final will exceed Monday's PLN 373 million, but today's session will be the most peaceful in the current month.

Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the U.S. on Friday. The U.S. preliminary manufacturing purchasing managers' index (PMI) fell to 50.8 in April from 51.5 in March, missing expectations for an increase to 52.0. It was the lowest level since September 2009.

A reading above 50 indicates expansion in economic activity.

The decline was driven by a softer pace of expansion in output, new business and employment.

"US factories reported their worst month for just over six-and-a-half years in April, dashing hopes that first quarter weakness will prove temporary. Survey measures of output and order book backlogs are down to their lowest since the height of the global financial crisis, prompting employers to cut back on their hiring," Markit Chief Economist Chris Williamson said.

"With prior months' survey data pointing to annualized GDP growth of just 0.7% in the first quarter, the deteriorating performance of manufacturing suggests that growth could weaken closer towards stagnation in the second quarter," he added.

USD/JPY 109.50 (USD 394m) 112.70 (2.2bln) 112.85 (1.95bln) 113.00 (1.27bln)

EUR/USD:1.1295-1.1300 (EUR 1.0bln) 1.1400 (1.26bln)

GBP/USD: 1.4130 (GBP 297m) 1.4300 (401m)

USD/CHF 0.9525 (USD 200m) 0.9675 (315m) 0.9785 (335m)

EUR/GBP 0.7865-67 (EUR 1.05bln)

AUD/USD: 0.7575 (AUD245m) 0.7650 (737m) 0.7715-20 (216m) 0

USD/CAD 1.2700 (USD 335m) 1.3100 ( 420m) 1.3125 (592m)

AUD/NZD 1.0900 (AUD 1.4bln) 1.1100 (1.31bln) 1.1200 (4.61bln) 1.1400 (1.85bln

U.S. stock-index futures were little changed.

Global Stocks:

Nikkei 17,572.49 +208.87 +1.20%

Hang Seng 21,467.04 -155.21 -0.72%

Shanghai Composite 2,959.68 +6.79 +0.23%

FTSE 6,308.18 -73.26 -1.15%

CAC 4,567.16 -15.67 -0.34%

DAX 10,389.33 -46.40 -0.44%

Crude oil $43.49 (+0.72%)

Gold $1248.50 (-0.14%)

Statistics Canada released consumer price inflation data on Friday. Canadian consumer price inflation rose 0.6% in March, in line with expectations, after a 0.2% gain in February.

The monthly rise was mainly driven by an increase in prices for gasoline, and clothing and footwear. Prices for gasoline were up 5.7% in March, while prices clothing and footwear increased 4.2%.

On a yearly basis, the consumer price index fell to 1.3% in March from 1.4% in February, beating expectations for a decline to 1.2%.

The consumer price index was mainly driven by higher food and shelter prices. Food prices climbed 3.6% year-on-year in March, while shelter prices increased 1.1%.

The index for recreation, education and reading climbed by 2.0% in March from the same month a year earlier, the gasoline prices dropped 13.6%, while clothing and footwear prices declined 0.4%.

The Canadian core consumer price index, which excludes some volatile goods, increased 0.7% in March, after a 0.5% increase in February.

On a yearly basis, core consumer price index in Canada climbed to 2.1% in March from 1.9% in February. Analysts had expected the index to drop to 1.7%.

The Bank of Canada's inflation target is 2.0%.

(company / ticker / price / change ($/%) / volume)

Statistics Canada released retail sales data on Friday. Canadian retail sales climbed by 0.4% in February, beating expectations for a 0.8% drop, after a 2.0% increase in January. January's figure was revised down from a 2.1% rise.

The increase was driven by rises in 9 of 11 subsectors.

Sales at motor vehicle and parts dealers rose by 1.0% in February, while sales at general merchandise stores increased by 1.9%.

Sales at gasoline stations declined 4.9% in February, while sales at food and beverage stores were up 0.2%.

Sales at building material and garden equipment and supplies dealers increased 1.3% in February, while sales at furniture and home furnishings stores rose 1.9%.

Canadian retail sales excluding automobiles rose 0.2% in February, beating expectations for a 0.5% fall, after a 1.3% increase in January. January's figure was revised up from a 1.2% gain.

Upgrades:

Downgrades:

American Express (AXP) downgraded to Hold from Buy at Deutsche Bank

Other:

General Motors (GM) target raised to $34 from $30 at RBC Capital Mkts

Microsoft (MSFT) target lowered to $61 from $63 at RBC Capital Mkts

Microsoft (MSFT) target lowered to $57 from $58 at BMO Capital Markets

Alphabet (GOOG) reiterated with a Buy at Mizuho

Alphabet (GOOG) reiterated with a Buy at Stifel Research; target $888

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

02:00 Japan Manufacturing PMI (Preliminary) April 49.1 48.0

04:30 Japan Tertiary Industry Index February 1.5% -0.1%

07:00 France Manufacturing PMI (Preliminary) April 49.6 49.8 48.3

07:00 France Services PMI (Preliminary) April 49.9 50.2 50.8

07:30 Germany Services PMI (Preliminary) April 55.1 55.2 54.6

07:30 Germany Manufacturing PMI (Preliminary) April 50.7 51 51.9

08:00 Eurozone Manufacturing PMI (Preliminary) April 51.6 51.8 51.5

08:00 Eurozone Services PMI (Preliminary) April 53.1 53.3 53.2

The U.S. dollar traded mixed against the most major currencies ahead of the release of the U.S. preliminary manufacturing PMI data. The U.S. preliminary manufacturing PMI is expected to rise to 52.0 in April from 51.5 in March.

The euro traded lower against the U.S. dollar after the release of the mostly weaker than expected manufacturing and services purchasing managers' indexes (PMI) from the Eurozone. Markit Economics released its preliminary manufacturing and services PMIs for the Eurozone on Friday. Eurozone's preliminary manufacturing PMI declined to 51.5 in April from 51.6 in March. Analysts had expected the index to increase to 51.8.

Output in the manufacturing sector was moderate, new orders improved slightly, while input prices fell.

Eurozone's preliminary services PMI increased to 53.2 in April from 53.1 in March. Analysts had expected the index to climb to 53.3.

Output in the services sector was moderate, new orders improved slightly, while input prices rose.

"The Eurozone economy remains stuck in a slow growth rut in April, with the PMI once again signalling GDP growth of just 0.3% at the start of the second quarter, broadly in line with the meagre pace of expansion seen now for a full year," Markit's Chief Economist Chris Williamson said.

"A failure of business expectations to revive following the ECB's announcement of more aggressive stimulus in March is a major disappointment and suggests that the modest pace of growth is unlikely to accelerate in coming months," he added.

Germany's preliminary manufacturing PMI climbed to 51.9 in April from 50.7 in March, beating forecasts of a rise to 51.0.

The rise in the manufacturing PMI was driven by a stronger demand from foreign markets.

Germany's preliminary services PMI was down to 54.6 in April from 55.1 in March. Analysts had expected index to increase to 55.2.

France's preliminary manufacturing PMI dropped to 48.3 in April from 49.6 in March. Analysts had expected the index to rise to 49.8. The manufacturing index was driven by declines in output, new orders, employment and input prices.

France's preliminary services PMI climbed to 50.8 in April from 49.9 in March. Analysts had expected the index to increase to 50.2. The services index was driven by rises in output, new orders, employment and input prices.

The British pound traded higher against the U.S. dollar in the absence of any major U.K. economic reports.

The Canadian dollar traded mixed against the U.S. dollar ahead of the release of the Canadian economic data. The consumer price index in Canada is expected to decline 1.2% year-on-year in March from 1.4% in February.

The core consumer price index in Canada is expected to fall 1.7% year-on-year in March from 1.9% in February.

Canadian retail sales are expected to decrease 0.8% in February, after a 2.1% rise in January.

EUR/USD: the currency pair declined to $1.1254

GBP/USD: the currency pair increased to $1.4402

USD/JPY: the currency pair rose to Y110.90

The most important news that are expected (GMT0):

12:30 Canada Retail Sales, m/m February 2.1% -0.8%

12:30 Canada Retail Sales YoY February 6.4%

12:30 Canada Retail Sales ex Autos, m/m February 1.2% -0.5%

12:30 Canada Consumer Price Index m / m March 0.2% 0.6%

12:30 Canada Consumer price index, y/y March 1.4% 1.2%

12:30 Canada Bank of Canada Consumer Price Index Core, y/y March 1.9% 1.7%

13:45 U.S. Manufacturing PMI (Preliminary) April 51.5 52

Stock indices traded lower on mostly weaker than expected manufacturing and services purchasing managers' indexes (PMI) from the Eurozone. Markit Economics released its preliminary manufacturing and services PMIs for the Eurozone on Friday. Eurozone's preliminary manufacturing PMI declined to 51.5 in April from 51.6 in March. Analysts had expected the index to increase to 51.8.

Output in the manufacturing sector was moderate, new orders improved slightly, while input prices fell.

Eurozone's preliminary services PMI increased to 53.2 in April from 53.1 in March. Analysts had expected the index to climb to 53.3.

Output in the services sector was moderate, new orders improved slightly, while input prices rose.

"The Eurozone economy remains stuck in a slow growth rut in April, with the PMI once again signalling GDP growth of just 0.3% at the start of the second quarter, broadly in line with the meagre pace of expansion seen now for a full year," Markit's Chief Economist Chris Williamson said.

"A failure of business expectations to revive following the ECB's announcement of more aggressive stimulus in March is a major disappointment and suggests that the modest pace of growth is unlikely to accelerate in coming months," he added.

Germany's preliminary manufacturing PMI climbed to 51.9 in April from 50.7 in March, beating forecasts of a rise to 51.0.

The rise in the manufacturing PMI was driven by a stronger demand from foreign markets.

Germany's preliminary services PMI was down to 54.6 in April from 55.1 in March. Analysts had expected index to increase to 55.2.

France's preliminary manufacturing PMI dropped to 48.3 in April from 49.6 in March. Analysts had expected the index to rise to 49.8. The manufacturing index was driven by declines in output, new orders, employment and input prices.

France's preliminary services PMI climbed to 50.8 in April from 49.9 in March. Analysts had expected the index to increase to 50.2. The services index was driven by rises in output, new orders, employment and input prices.

Current figures:

Name Price Change Change %

FTSE 100 6,329.49 -51.95 -0.81 %

DAX 10,354.86 -80.87 -0.77 %

CAC 40 4,564.54 -18.29 -0.40 %

McDonald's reported Q1 FY 2016 earnings of $1.23 per share (versus $1.01 in Q1 FY 2015), beating analysts' consensus of $1.17.

The company's quarterly revenues amounted to $5.904 bln (-0.9% y/y), beating consensus estimate of $5.821 bln.

MCD rose to $129.03 (+2.58%) in pre-market trading.

EUR/USD

Offers: 1.1320 1.1335 1.1350 1.1385 1.1400 1.1420 1.1450 1.1465-70 1.1500

Bids: 1.1280 1.1250 1.1235 1.1220 1.1200 1.1180 1.1160 1.1150 1.1130 1.1100

GBP/USD

Offers: 1.4380-85 1.4400 1.4420 1.4450 1.4480 1.4500

Bids: 1.4320-25 1.4300 1.4280 1.4250 1.4230 1.4200 1.4180-85 1.4165 1.4150

EUR/JPY

Offers: 125.00 125.30 125.50 125.75 126.00 126.50

Bids: 124.50 124.30 124.00 123.50 123.20 123.00 122.80 122.50 122.00

EUR/GBP

Offers: 0.7880-85 0.7900 0.7920-25 0.7950 0.7980 0.8000 0.8020 0.8030 0.8050

Bids: 0.7850-55 0.7830 0.7800 0.7780 0.7750 0.7730 0.7700

USD/JPY

Offers: 110.80 111.00 111.30 111.50 111.75-80 112.00

Bids: 110.20 110.00 109.80 109.50 109.30 109.00 108.75 108.50 108.20 108.00

AUD/USD

Offers: 0.7780 0.7800 0.7825-30 0.7850 0.7880 0.7900

Bids: 0.7735 0.7720 0.7700 0.7680 0.7650 0.7620-25 0.7600

Caterpillar reported Q1 FY 2016 earnings of $0.67 per share (versus $1.72 in Q1 FY 2015), missing analysts' consensus of $0.68.

The company's quarterly revenues amounted to $9.461 bln (-25.5% y/y), generally in-line with consensus estimate of $9.455 bln.

Caterpillar lowered FY 2016 EPS guidance to $3.70 from $4.00 (versus analysts' consensus estimate of $3.60) and FY 2016 revenues guidance to $40-42 bln from $40-44 bln (versus analysts' consensus estimate of $41.08 bln).

CAT fell to $77.50 (-1.47%) in pre-market trading.

General Electric reported Q1 FY 2016 earnings of $0.21 per share (versus $0.31 in Q1 FY 2015), beating analysts' consensus of $0.19.

The company's quarterly revenues amounted to $27.597 bln (+6.4% y/y), missing consensus estimate of $27.966 bln.

General Electric reaffirmed guidance for FY 2016, projecting EPS of $1.45-1.55 (versus analysts' consensus estimate of $1.50).

GE fell to $30.60 (-1.23%) in pre-market trading.

In the first part of trading on the Warsaw Stock Exchange the weak core markets resulted in weakness of the WIG20 index. Basket of blue chips lost 1.13 percent now, which greatly differs from the decline in the German DAX. Transfer of the atmosphere is obvious when we consider the fact that the WSE has not an argument on which to build a counterweight to the core markets. The weakness of the zloty and increase of the profitability of Polish debt have to discouraged investors. Technique forces waiting for the solstice, and the turnover - barely PLN 170 mln - does not indicate a serious operating capital. In the event of a revaluation has a positive side, because indicates a rather sleepy subsidence prices than serious attack of sellers.

Honeywell reported Q1 FY 2016 earnings of $1.53 per share (versus $1.41 in Q1 FY 2015), beating analysts' consensus of $1.50.

The company's quarterly revenues amounted to $9.522 bln (+3.4% y/y), beating consensus estimate of $9.365 bln.

Honeywell issued guidance for FY 2016, raising EPS to $6.55-6.70 from $6.45-6.70 (versus analysts' consensus estimate of $6.60) and revenues to $40.3-40.9 bln from $39.9-40.9 bln (versus analysts' consensus estimate of $40.61 bln).

HON rose to $116 00(+0.94%) in pre-market trading.

The Italian statistical office Istat released its retail sales data for Italy on Friday. Italian retail sales climbed 0.3% in February, after a flat reading in January.

Sales of food products were up 0.7% in February, while sales of non-food products increased by 0.1%.

On a yearly basis, retail sales in Italy jumped 2.7% in February, after a 0.8% fall in January.

The Italian statistical office Istat released its industrial orders data for Italy on Friday. Industrial orders in Italy rose at a seasonally adjusted rate of 0.7% in February, after a 0.6% increase in January. January's figure was revised down from a 0.7% gain.

Domestic orders were up 1.6% in February, while non-domestic orders declined 0.3%.

On a yearly basis, the unadjusted industrial orders in Italy increased 3.8% in February, after a 0.1% rise in January.

The seasonally adjusted industrial turnover in Italy climbed 0.1% in February, after a 0.9% increase in January. January's figure was revised down from a 1.0% rise.

Domestic turnover increased 0.2% in February, while non-domestic turnover fell 0.1%.

On a yearly basis, the adjusted industrial turnover in Italy declined 0.2% in February, after a 0.3% decrease in January.

The preliminary Markit/Nikkei manufacturing Purchasing Managers' Index (PMI) for Japan declined to 48.0 in April from 49.1 in March. It was the lowest level since January 2013.

A reading below 50 indicates contraction of activity, a reading above 50 indicates expansion.

The index was mainly driven by drop in output, new orders and input prices.

"Manufacturing conditions in Japan worsened at a sharper rate in April. Both production and new orders declined markedly, with total new work contracting at the fastest rate in over three years," economist at Markit, Amy Brownbill, said.

Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for France on Friday. France's preliminary manufacturing PMI dropped to 48.3 in April from 49.6 in March. Analysts had expected the index to rise to 49.8.

The manufacturing index was driven by declines in output, new orders, employment and input prices.

France's preliminary services PMI climbed to 50.8 in April from 49.9 in March. Analysts had expected the index to increase to 50.2.

The services index was driven by rises in output, new orders, employment and input prices.

"The French private sector economy eked out marginal growth at the start of the second quarter after broadly stagnating on average during the opening three months of the year. Expansion was centred on the dominant service sector, as manufacturing was weighed down by a sharp drop in incoming new orders," the Senior Economist at Markit Jack Kennedy said.

Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for Germany on Friday. Germany's preliminary manufacturing PMI climbed to 51.9 in April from 50.7 in March, beating forecasts of a rise to 51.0.

The rise in the manufacturing PMI was driven by a stronger demand from foreign markets.

Germany's preliminary services PMI was down to 54.6 in April from 55.1 in March. Analysts had expected index to increase to 55.2.

"The German private sector economy is continuing its unspectacular expansionary trend at the beginning of the second quarter. Although growth remained uninspiring and the headline PMI dropped to a 9-month low, the index was down only fractionally since March and is still indicative of modest growth," Markit's economist Oliver Kolodseike noted.

Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the Eurozone on Friday. Eurozone's preliminary manufacturing PMI declined to 51.5 in April from 51.6 in March. Analysts had expected the index to increase to 51.8.

Output in the manufacturing sector was moderate, new orders improved slightly, while input prices fell.

Eurozone's preliminary services PMI increased to 53.2 in April from 53.1 in March. Analysts had expected the index to climb to 53.3.

Output in the services sector was moderate, new orders improved slightly, while input prices rose.

"The Eurozone economy remains stuck in a slow growth rut in April, with the PMI once again signalling GDP growth of just 0.3% at the start of the second quarter, broadly in line with the meagre pace of expansion seen now for a full year," Markit's Chief Economist Chris Williamson said.

"A failure of business expectations to revive following the ECB's announcement of more aggressive stimulus in March is a major disappointment and suggests that the modest pace of growth is unlikely to accelerate in coming months," he added.

USD/JPY 109.50 (USD 394m) 112.70 (2.2bln) 112.85 (1.95bln) 113.00 (1.27bln)

EUR/USD:1.1295-1.1300 (EUR 1.0bln) 1.1400 (1.26bln)

GBP/USD: 1.4130 (GBP 297m) 1.4300 (401m)

USD/CHF 0.9525 (USD 200m) 0.9675 (315m) 0.9785 (335m)

EUR/GBP 0.7865-67 (EUR 1.05bln)

AUD/USD: 0.7575 (AUD245m) 0.7650 (737m) 0.7715-20 (216m) 0

USD/CAD 1.2700 (USD 335m) 1.3100 ( 420m) 1.3125 (592m)

AUD/NZD 1.0900 (AUD 1.4bln) 1.1100 (1.31bln) 1.1200 (4.61bln) 1.1400 (1.85bln

Bloomberg reported on Friday that the Bank of Japan (BoJ) was considering to offer a negative rate on some loans, according to people familiar with the matter.

The BoJ lowered its interest rate to -0.1% at its monetary policy meeting in February.

Statistics Canada released its unemployment benefits data on Thursday. More Canadians received unemployment benefits in the provinces of Alberta and Saskatchewan unemployment benefits in February. Both provinces depend on resources. The number of Canadian receiving unemployment benefits in Alberta rose 2.4% in February compared to the previous month, while the number of Canadian receiving unemployment benefits in Saskatchewan climbed 3.5%.

Overall, the number of Canadian receiving unemployment benefits rose 0.8% in February compared to the previous month.

According to data from the Bloomberg Consumer Comfort Index, consumers' expectations for U.S. economy fell to 42.9 in in the week ended April 17 from 43.6 the prior week.

The decrease was driven by declines in two of three sub-indexes. The measure of views of the economy dropped to 33.4 from 35.6, the buying climate index rose to 39.6 from 38.7, while the personal finances index fell to 55.6 from 56.6.

WIG20 index opened at 1949.60 points (-0.04%)*

WIG 48494.11 -0.04%

WIG30 2173.13 -0.08%

mWIG40 3655.08 0.03%

*/ - change to previous close

In the case of the WIG20 index, opening was simply flat and in the early exchanges index oscillates around yesterday's close, with a slight tendency for a revaluation. Opening properly conclusively shows, that the market will end a week of consolidation between 2,000-1,900 points. The session would have to have a custom course and require a surge in volatility to the limits of consolidation have been tested. Turnover in the first 10 minutes did not indicate that such a scenario was possible today. Market lacks not only of the variation but also activity.

EUR / USD

Resistance levels (open interest**, contracts)

$1.1409 (2284)

$1.1360 (1021)

$1.1324 (452)

Price at time of writing this review: $1.1293

Support levels (open interest**, contracts):

$1.1252 (2808)

$1.1229 (3484)

$1.1201 (3756)

Comments:

- Overall open interest on the CALL options with the expiration date May, 6 is 37784 contracts, with the maximum number of contracts with strike price $1,1400 (4334);

- Overall open interest on the PUT options with the expiration date May, 6 is 49445 contracts, with the maximum number of contracts with strike price $1,0900 (4725);

- The ratio of PUT/CALL was 1.31 versus 1.34 from the previous trading day according to data from April, 21

GBP/USD

Resistance levels (open interest**, contracts)

$1.4603 (1489)

$1.4505 (2425)

$1.4408 (2075)

Price at time of writing this review: $1.4352

Support levels (open interest**, contracts):

$1.4290 (408)

$1.4194 (960)

$1.4097 (1990)

Comments:

- Overall open interest on the CALL options with the expiration date May, 6 is 24848 contracts, with the maximum number of contracts with strike price $1,4500 (2425);

- Overall open interest on the PUT options with the expiration date May, 6 is 30808 contracts, with the maximum number of contracts with strike price $1,3850 (4025);

- The ratio of PUT/CALL was 1.24 versus 1.23 from the previous trading day according to data from April, 21

* - The Chicago Mercantile Exchange bulletin (CME) is used for the calculation.

** - Open interest takes into account the total number of option contracts that are open at the moment.

Thursday's session on Wall Street ended in solidarity declines in major indices. Clearly better than the rest coped Nasdaq Composite, which gave only 0.05 percent, while the DJIA and S&P500 lost - respectively - 0.63 and 0.52 percent. The impetus for the sell-off was the decline in oil prices. Without significance was not also the strengthening of the yen to the dollar.

In this arrangement of forces, start of the day on European markets should bring rather weaker than a stronger declines. After the opening of markets in the European region on the stock exchanges will flow readings of PMI indexes. Today will also be published the results of the company General Electric, which rarely surprises serious passing with market expectations.

Looking at the Warsaw market, the WIG 20 index from Wednesday is nearby the level of 1,950 pts., which from the point of view of technical analysis is they neutral levels. It can therefore be assumed that Friday will not bring a breakthrough, and the market will enter a new week in the range of consolidation.

The euro wavered on Thursday, well off its overnight peak as investors adjusted position ahead of a policy meeting by the European Central Bank later this session. The ECB is widely expected to hold interest rates unchanged at record lows, but President Mario Draghi is likely to drive home the case for ultra-loose monetary policy.

Last month, while the ECB delivered aggressive easing measures, the euro perversely rallied after Draghi said there was probably no need for more rate cuts if the latest stimulus worked. With three major central bank meetings looming, market participants cited a lack of market conviction on direction bets. The Federal Reserve is scheduled to hold its policy review on April 26-27, while the Bank of Japan will meet on April 28.

BOJ officials are growing more receptive to stepping up monetary easing measures by buying more ETFs invested in shares, as weak global growth threaten the country's fragile economic recovery, sources have told Reuters. On Wednesday, BOJ Governor Haruhiko Kuroda said the central bank's presence in the exchange-traded fund (ETF) market is "not too big," signaling that topping up purchases of ETFs could be a real, near-term option.

EUR/USD: during the Asian session the pair traded in the range of $1.1285-05

GBP/USD: during the Asian session the pair traded in the range of $1.4320-40

USD/JPY: during the Asian session the pair traded in the range of Y109.55-90

Based on Reuters materials

European stock markets ended a up-and-down session modestly lower on Thursday, after the European Central Bank reaffirmed its commitment to tackle low inflation and flagging growth, but stopped short of hinting at any further stimulus measures.

Major U.S. stock indexes turned in their largest declines in two weeks Thursday, pulling back after days of edging closer to record highs. Telecommunications and utilities shares led the broad losses, which pulled the Dow Jones Industrial Average back below 18000 after the index this week closed above the milestone for the first time since July. The two sectors, considered relatively steady and safe, are up the most in the S&P 500 over the past 12 months.

Asian stocks fell Friday after Wall Street broke a three-day winning streak and declined. Investors sold traditional safe-play stocks such as phone companies and utilities as they pored over earnings for clues about the trajectory of the U.S. economy. Analysts say companies are struggling to meet profit expectations.

Based on MarketWatch materials

(raw materials / closing price /% change)

Oil 43.43 +0.58%

Gold 1,249.50 -0.06%

(index / closing price / change items /% change)

Nikkei 225 17,363.62 +457.08 +2.70%

Hang Seng 21,622.25 +385.94 +1.82%

S&P/ASX 200 5,272.71 +56.76 +1.09%

Shanghai Composite 2,952.6 -19.98 -0.67%

FTSE 100 6,381.44 -28.82 -0.45%

CAC 40 4,582.83 -9.09 -0.20%

Xetra DAX 10,435.73 +14.44 +0.14%

S&P 500 2,091.48 -10.92 -0.52%

NASDAQ Composite 4,945.89 -2.24 -0.05%

Dow Jones 17,982.52 -113.75 -0.63%

(pare/closed(GMT +3)/change, %)

EUR/USD $1,1284 -0,13%

GBP/USD $1,4317 -0,11%

USD/CHF Chf0,9746 +0,31%

USD/JPY Y109,42 -0,29%

EUR/JPY Y123,47 -0,42%

GBP/JPY Y156,64 -0,40%

AUD/USD $0,7737 -0,70%

NZD/USD $0,6912 -0,91%

USD/CAD C$1,2727 +0,57%

(time / country / index / period / previous value / forecast)

02:00 Japan Manufacturing PMI April 49.1

04:30 Japan Tertiary Industry Index February 1.5%

07:00 France Manufacturing PMI (Preliminary) April 49.6 49.8

07:00 France Services PMI (Preliminary) April 49.9 50.2

07:30 Germany Services PMI (Preliminary) April 55.1 55.2

07:30 Germany Manufacturing PMI (Preliminary) April 50.7 51

08:00 Eurozone Manufacturing PMI (Preliminary) April 51.6 51.8

08:00 Eurozone Services PMI (Preliminary) April 53.1 53.3

12:30 Canada Retail Sales, m/m February 2.1% -0.8%

12:30 Canada Retail Sales YoY February 6.4%

12:30 Canada Retail Sales ex Autos, m/m February 1.2% -0.5%

12:30 Canada Consumer Price Index m / m March 0.2% 0.6%

12:30 Canada Consumer price index, y/y March 1.4% 1.2%

12:30 Canada Bank of Canada Consumer Price Index Core, y/y March 1.9% 1.7%

13:45 U.S. Manufacturing PMI (Preliminary) April 51.5 52