Due to the holiday in the US today's afternoon trading phase will be calmer, although the market after the southern threshold variation came out at the bottom, which may indicate that on the final straight we will face a variant of the testing area of the morning lows. For solace it remains only the fact that in this phase of the session it happens together with the deterioration of sentiment in Euroland, which has a lot of space for the implementation of downward move after increases from previous days.

After four hours of trading and publication by the Ministry of information showing more details of the proposed changes regarding the Pension Funds (OFE) investors are slowly embracing this topic. It does not look as bad as it seemed at beginning, as OFE in part consist of stock (PLN 103 bln) de facto will stay after conversion to already known in the market accounts - IKE (Individual Retirement Accounts). The WIG20 index has returned above the level of 1,720 points., but there is still difficult to positively approach to the planned changes. It is still too many question marks to be able to form a clear view.

However in the area of the south part of trading the market calmed down and we may clearly see, that any major deviation down of the market triggers bigger demand for purchases.

At the halfway point of quotations, the WIG20 index was at the level of 1729 points (-0,84%) and with the turnover of PLN 322 mln.

When the futures on European indices were on green side, our FW20 took off with more than 1% drop, thus there is a noticeable disparity in response to the ongoing conference of the Deputy Prime Minister.

WIG20 index opened at 1728.89 points (-0.90%)*

WIG 44316.43 -0.98%

WIG30 1928.09 -1.23%

mWIG40 3356.92 -1.27%

*/ - change to previous close

Cash market opens with discount at considerable turnover as on Monday with the American holiday in the background. This is a consequence of a negative reaction to the words of Deputy Prime Minister, who finally said that funds from open pension funds would be transferred to the third pillar and demographic reserve fund. It seems that ultimately OFE and so will be eliminated, and a portion of is to be used for "important project of economic policy." All blue chips are losing value and investors did not like as yet communicated messages regarding pension funds.

At the beginning of the new week, the situation on the global market is calm. Contracts in the US are quoted on the levels of Friday afternoon, and despite the absence of the session on Wall Street (the US celebrated Independence Day) determine the level of global sentiment. Friday's session in the US brought no surprises and the S&P500 index gained a modest 0.2%. Slightly better cope on this morning Asian stock markets led by China and gaining more than 1%. Economic calendar is almost empty today.

On the Warsaw market an important element will be starting at 08:30 (Warsaw time) the press conference organized by the Ministry of Development, where will be presented plans for the future of the pension system and the Open Pension Funds. For the Warsaw Stock Exchange the OFE (Open Pension Funds) is one of the key element, so the session has a chance to be subordinated to the information given at the conference. On Friday, after the end of the session, the rating agency Standard&Poor's confirmed the rating of Poland for "BBB plus" and maintained a negative outlook. There was no surprise, the agency in January lowered our national rating. More important will be the review of the rating by the Fitch agency, which will be held on July 15.

European stocks ended higher Friday, pushing the Stoxx Europe 600 to its best week in five after a stunning series of sharp gains in the wake of the U.K.'s Brexit vote.

The index broke a four-week losing streak to end up 3.2% since last Friday, the strongest weekly rise since the week ended May 27. After sliding on Friday and Monday following Thursday's landmark referendum in the U.K. to leave the European Union, the index moved higher for four consecutive sessions.

Much of Thursday's rise of 1% was supported by a hint from Bank of England Gov. Mark Carney that a U.K. interest-rate cut was in store for the summer.

Meanwhile, investors on Friday were weighing the possibility that the European Central Bank loosening rules for bond purchases. The ECB is concerned there may not be enough debt available to buy under the terms of its current bond-buying program, as bond yields continued to fall after the Brexit vote.

U.K. stocks advanced Friday, kicking the second half of 2016 at their highest this year after hints the Bank of England could cut interest rates soon.

The FTSE 100 UKX, +1.13% climbed 1.1% to 6,577.83, with just 15 shares ending in the red. Friday's close marked the fourth straight win for the index, and a second consecutive day at a new high for 2016. The benchmark on Thursday ended the first quarter with a rise of 5.3%.

U.S. stocks booked a fourth straight daily gain Friday, and the Dow and S&P 500 marked their best week this year as stocks clawed back some of the losses scored in the wake of the tumult that followed the U.K.'s decision last week to sever ties with the European Union.

Better-than-expected manufacturing data combined with fading worries about the Brexit, or British exit from the EU, stoked appetite for equities.

Although marked by choppy trade, the Dow Jones Industrial Average DJIA, +0.11% rose 19.38 points, or 0.1%, to finish at 17,949.37. Home Depot Inc. shares, up 1.5%, led blue-chip advancers. The Dow came within a whisker of its pre-Brexit close of 18,011 before retreating in the afternoon.

Asian shares shrugged off early losses and edged higher on Monday, while the Australian dollar was under pressure after no clear winner emerged from a weekend election.

Activity across much of the region was subdued ahead of the U.S. Independence Day holiday, when financial and commodity markets will be closed.

Investors also continued to take stock of the potential financial market and economic fallout from the Brexit vote after days of volatile trade that followed in its wake.

While Australian politics usually have a muted impact on broader markets, the vote count so far suggests possible policy paralysis ahead which could pose a threat to the country's triple A credit rating.

But both Australian shares and the country's currency turned higher after Moody's Investors Service said short-lived political uncertainty would have limited implications for the country's coveted triple-A credit rating.

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

Nikkei 225 15,682.48 +106.56 +0.68 %

Hang Seng 20,794.37 +358.25 +1.75 %

S&P/ASX 200 5,246.61 +13.23 +0.25 %

Shanghai Composite 2,932.82 +3.22 +0.11 %

FTSE 100 6,577.83 +73.50 +1.13 %

CAC 40 4,273.96 +36.48 +0.86 %

Xetra DAX 9,776.12 +96.03 +0.99 %

S&P 500 2,102.95 +4.09 +0.19 %

NASDAQ Composite 4,862.57 +19.89 +0.41 %

Dow Jones 17,949.37 +19.38 +0.11 %