The afternoon phase of trading traditionally should stand under the sign of entry into the game of American capital. Today we do not observe it, which may cause drift in the markets. In the context of the Warsaw Stock Exchange this would mean maintaining the achievements already gained, which is not small, and certainly stands out from the surrounding.

Today's a day off in the United States in addition to the natural decline in activity has other consequences. We have a completely empty calendar macro in the afternoon, which of course takes out will to play on European markets. The result is that an hour before the close of trading we managed to reach PLN 200 million of turnover in the first line of companies.

The first half of the session was successful both for domestic blue chips, as well as medium-sized companies. Support for the first ones turns out to be PGE, which rate shot up by 5.9 percent after reports from the EGM, where was proposal from Treasury on increasing the value per share from PLN 10 to PLN 10.25. It's a big change from the previous proposal assumes an increase in the share capital of PLN 5.6 billion, which would mean an increase in the nominal value of the shares to PLN 13.00. This should be some support for other energy companies, because of fears about implementation of such a scenario of increase the nominal value of shares also in their case. Among blue chips is also distinguished Orange (WSE: OPL), which gained more than 6 percent.

We also have a very large increases in mining companies - JSW growing by almost 20 percent and Bogdanka (WSE: LWB) almost 8 percent due to the rising price of coal on the spot market.

In the mid-session the WIG20 index was at the level of 1,788 points (+ 1.18%) and with the turnover of PLN 156 million.

European stocks helped by a significant rise in oil prices. In addition, investors expect that central banks will continue accommodative monetary policy.

Certain influence on the dynamics of trade have also had statistical data for the euro area and Britain. Markit Economics reported that the eurozone economy continued to expand in August, but the pace of growth slowed to a 19-month low, which was mainly due to the weaker expansion in Germany. According to the data, the index of business activity in the services sector fell to 52.8 points from 52.9 points in July. Previously it was reported that the index improved to 53.1 points. Analysts predicted that the figure will be 53.1 points. The final composite PMI index fell in August to 52.9 points from 53.2 points in July.

Meanwhile, the results of a survey presented by research group Sentix, showed that investor sentiment in the euro area improved significantly in September, registering the second consecutive monthly increase, and reached its highest level in three months. Indicator of investor confidence rose in September to 5.6 points compared with 4.2 points in August. Analysts had expected the index to rise to 5.1 points. The last reading was the highest since June (when the index was 9.9 points). The sub-index of current conditions jumped to 4.5 points from 3.8 points in July, while the expectations index rose to 6.8 points from 4.8 points.

In addition, Eurostat Statistical Office stated that retail sales in the euro zone rose more than expected in July, showing the biggest monthly gain this year. According to the data, seasonally adjusted retail sales increased by 1.1% compared to June, and rose 2.9% on an annualized basis. Analysts had forecast an increase of 0.6% and 1.9% respectively.

With regard to data on the UK, in the Markit Economics reported that activity in the services sector has increased significantly by the end of August, which is another evidence of economic recovery after the shock caused by the decision to leave the EU. According to the report, the purchasing managers index (PMI) for the services sector rose in August to 52.9 points versus 47.4 points in July (at least seven years), recording the biggest monthly increase in 20-year history of the index. Analysts had expected the index to improve to 50.0 points.

The composite index Stoxx Europe 600 grew by 0.2 percent. Recall, on Friday, the index jumped to its highest level since April after US data signaled a weaker employment growth, reducing the likelihood of a Fed hike in the near future. This week, investors will be focused on the European Central Bank meeting. It is expected that the ECB will leave its monetary policy unchanged, but may hint at expanding bond purchase program.

ArcelorMittal's shares rose 3.4 percent since leaders G20 mentioned the overcapacity in steel production.

Hugo Boss AG shares fell 1.4 percent after UBS Group AG analysts downgraded the company's stock rating to "sell" from "neutral," citing the risk of decline in profits in 2017.

Capitalization of SFR Group SA jumped 6.5 percent amid reports that rival Altice NV agreed to buy the remaining 22 percent stake in the company for 2.4 billion euros. Meanwhile, the cost of Altice NV rose by 1.5 per cent.

At the moment:

FTSE 100 6873.58 -21.02 -0.30%

DAX +26.02 10709.84 + 0.24%

CAC 40 4558.23 +16.06 + 0.35%

WIG20 index opened at 1770.85 points (+0.19%)*

WIG 47494.31 0.19%

WIG30 2034.83 0.29%

mWIG40 3922.52 0.18%

*/ - change to previous close

The cash market (the WIG20 index) opens with an increase of 0.19% to 1,770 points and with the turnover focused on the shares of JSW, which opened highly. It's value does not lose Tauron (WSE: TPE), which looks positive. Surrounded DAX rising by 0.4%. Thus, beginning in Europe is slightly upward, but no Americans may lack enthusiasm to make this move definitely bigger. More space for positive surprises, however, has the WSE.

Today's session due to celebrated in the US Labor Day and the lack of Wall Street should be marked by lower volatility and activity.

Attention of our domestic investors will head out on a Friday decision by Moody's. The institution maintains the current negative outlook for Poland and recent reports indicated that the escalation of the conflict around the Constitutional Tribunal would be a negative factor for the assessment of the investment. In addition, it is worth mentioning Friday's speech of Deputy Prime Minister M. Morawiecki, who said that "Moody's will probably want to carry out the change of Polish rating".

On Friday, after the session, was published strategy of Tauron (WSE: TPE), from which we learn that the company in the long term plans to pay a dividend of at least 40 percent of consolidated net profit, and the first year in which the payout would be possible is 2020 year. This may have an adverse effect on the Company's stock price due to the lack of a dividend in the coming years.

During today's session, there is no more significant macroeconomic publications from the country. From the broad market is worth mentioning the ongoing G20 summit and losing of A. Merkel's party in local municipal elections, which indicates a potential weakening of the position of the chancellor.

The beginning of the new week of trading in the currency market brings an attempt to play a stronger zloty against foreign currency. Polish currency is valued by the market as follows: PLN 4.3560 per euro, PLN 3.9037 against the US dollar. Yields of Polish debt amounts to 2.871% in case of 10-year bonds.

Stocks across Europe on Friday closed at their best level in more than four months, after a lackluster U.S. monthly jobs report dampened expectations for a U. S.interest-rate hike.

U.S. stocks closed higher on Friday, boosted after a weaker-than-expected payroll report was seen as diminishing the likelihood of an interest rate increase by the Federal Reserve. The Labor Department said the U.S. economy added 151,000 jobs in August, while the unemployment rate remained steady at 4.9%. Those figures were weaker than economists polled by MarketWatch, who had expected 170,000 jobs to be added to the U.S. economy in August, and a broader-market consensus for about 180,000 jobs.

Shares in Asia were broadly higher early Monday, as weaker-than-expected U.S. jobs data eased worries over an imminent rate interest increase by the Federal Reserve.

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

S&P/ASX 200 5.372,80 -42,76 -0,79%

Hang Seng 23.266,70 +104,36 +0,45%

Shanghai 3.067,03 +3,72 +0,12%

Nikkei 225 16.925,68 -1,16 -0,01%

CAC 40 4,542.17 +102.50 +2.31%

Xetra DAX 10,683.82 +149.51 +1.42%

S&P 500 USD +9.12 +0.42%

Dow Jones 18,491.96 +72.66 +0.39%

S&P/TSX Composite 14,795.70 +111.79 +0.76%