Polish equity market was modestly lower on Wednesday, with the broad market measure - the WIG index losing 0.10%. At the same time, the large liquid companies' indicator - the WIG30 index ended today's session unchanged.

Despite reported good first-quarter earnings report, GRUPA AZOTY (WSE: ATT) fared the worst among the WIG30 index components, decreasing 6.62%. The quotations of PKO BP (WSE: PKO) also fell sharply (-5.16%), weighted down by reported 19% YoY reduction in its bottom-line in 1Q15. On the plus side, LPP (WSE: LPP) became the strongest performer, climbing up 6.80% on the MSCI's decision to increase the stock weight in the MSCI Poland index. It was followed by JSW (WSE: JSW), which gained 6.54% as the company's quarterly results revealed its EBITDA reverted to positive territory in 1Q15.

The performance of the WIG sub-sector indices was mixed. The benchmark for the basic material producers - the WIG-SUROWC (+2.30%) index was the strongest performer, while the measure for the chemical industry stocks - the WIG-CHEMIA (-3.77%) index was the laggard.

Major U.S. stock-indexes mixed in choppy trading as tepid economic data and a renewed selloff in the bond market more than offset a flurry of corporate deals on Wednesday. Import prices fell in April, weekly applications for home mortgages were down and U.S. business inventories barely rose in March. U.S. retail sales were unchanged in April as households cut back on purchases of automobiles and other big-ticket items.

Most of the Dow stocks are trading in positive area (17 of 30). Top looser - E. I. du Pont de Nemours and Company (DD, -7.12%). Top gainer - Microsoft Corporation (MSFT, +1.18%).

S&P index sectors mixed. Top gainer - Industrial goods (+0,5%). Top looser - Utilities (-0.8%).

At the moment:

Dow 18013.00 -16.00 -0.09%

S&P 500 2095.00 0.00 0.00%

Nasdaq 100 4426.25 +5.50 +0.12%

10-year yield 2.27% +0.01

Oil 61.21 +0.46 +0.76%

Gold 1215.80 +23.40 +1.96%

The Bank of England (BoE) released its Inflation Letter. The BoE lowered its economic growth forecasts. The forecast for gross domestic product (GDP) growth in 2015 was cut to 2.4%, down from 2.9% three months ago. The GDP growth forecasts for 2016 and 2017 were lowered to 2.6% and 2.4% respectively.

The BoE expects inflation to decline below zero in the coming months and to return to the BoE's 2% target within two years.

The central bank also downgraded its expectations for wage growth in 2015 to 2.5% from 3.5%.

Wage growth is a key determination in the timing of first interest rate hike by the BoE.

Britain's central bank is worried about productivity growth in the U.K.

Most stock indices closed lower on a stronger euro. The euro rose against the U.S. dollar after the U.S. retail sales. The U.S. retail sales were flat in April, missing expectations for a 0.2% increase, after a 1.1% gain in March. March's figure was revised up from a 0.9% increase.

The reading was driven by lower automobiles and gasoline purchases. Automobiles sales decreased 0.4% in April, while gasoline station sales decreased 0.7%.

Retail sales excluding automobiles increased 0.1% in April, missing forecasts for a 0.5% rise, after a 0.7% gain in March. March's figure was revised up from a 0.4% rise.

These figures are adding to concerns that U.S. economy is losing momentum, and the Fed might delay its first interest rate hike.

Eurozone's preliminary gross domestic product (GDP) increased by 0.4% in the first quarter, missing expectations for a 0.5% rise, after a 0.3% gain in the fourth quarter.

On a yearly basis, Eurozone's preliminary GDP rose by 1.0% in the first quarter, missing expectations for a 1.1% increase, after a 0.9% gain in the fourth quarter.

Industrial production in the Eurozone fell 0.3% in March, missing expectations for a flat reading, after a 1.0% rise in February. February's figure was revised down from a 1.1% increase.

The decline was driven by a drop in production of energy, which fell 1.7% in March.

On a yearly basis, Eurozone's industrial production gained 1.8% in March, in line with expectations, after a 1.9% increase in February. February's figure was revised up from a 1.6 gain.

The increase was driven by a rise in non-durable consumer goods and in production of energy.

The Greek debt problem still weighs on markets. Greece yesterday repaid €750 million in loans to the International Monetary Fund (IMF).

According to Reuters, the Greek government used emergency reserves in its holding account with the IMF to repay loans.

The Bank of England (BoE) released its Inflation Letter. The BoE lowered its economic growth forecasts. The forecast for gross domestic product (GDP) growth in 2015 was cut to 2.4%, down from 2.9% three months ago. The GDP growth forecasts for 2016 and 2017 were lowered to 2.6% and 2.4% respectively.

The BoE Governor Mark Carney said that the consumer price inflation could turn negative, but it is expected to rise towards the end of the year.

The Office for National Statistics (ONS) released its labour market data on Wednesday. The U.K. unemployment rate fell to 5.5% in the January to March quarter from 5.7% in the October to December quarter, in line with expectations.

It was the lowest level since 2008.

The claimant count decreased by 12,600 people in April, missing expectations for a drop by 20,000, after a decrease of 16,700 people in March. It was the smallest monthly decline since March 2013.

March's figure was revised down from a decline of 20,700.

Average weekly earnings, excluding bonuses, climbed by 2.2% in the January to March quarter, exceeding expectations for a rise by 2.1%, after a 1.9% gain in the October to December quarter.

Average weekly earnings, including bonuses, rose by 1.9% in the January to March quarter, exceeding expectations for a gain of 1.7%, after a 1.7% increase in the October to December quarter.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,949.63 +15.83 +0.23 %

DAX 11,351.46 -120.95 -1.05 %

CAC 40 4,961.86 -12.79 -0.26 %

The Bank of England Governor (BoE) Mark Carney said in a speech on Wednesday that the consumer price inflation could turn negative, but it is expected to rise towards the end of the year. He noted that low inflation was driven by falling energy prices, lower food prices and strong pound.

The consumer price inflation was 0% in March, below the central bank's 2% target.

Carney pointed out that he was not worried about low inflation. "A temporary period of falling prices should not be mistaken for widespread and persistent deflation," he said. The BoE governor added that he expects inflation to return to the BoE's 2% target within two years.

"The most important legacies of the financial crisis are the persistent headwinds which continue to weigh on the U.K. economy," Carney also said. He added that it will need more gradual rises in interest rates than in previous cycles.

The BoE governor noted that interest rates will have to remain low due to weaker global demand and tighter fiscal policy.

The U.S. Commerce Department released the business inventories data on Wednesday. The U.S. business inventories rose 0.1% in March, beating expectations for a 0.2% increase, after a 0.2% gain in February. February's figure was revised up from a 0.3% rise.

The increase was driven by a rise in retail inventories. Retail inventories climbed 0.3% in March.

Business sales climbed 0.4% in March, after a 0.2% fall in February.

The business inventories/sales ratio fell to 1.36 months in March from 1.37 months in February. The business inventories /sales ratio is a measure of how long it would take to clear shelves.

The U.S. Labor Department released its import and export prices data on Wednesday. The U.S. import price index dropped by 0.3% in April, missing expectations for a 0.3% increase, after a 0.2% decline in March.

March's figure was revised up from a 0.3% decrease.

The decline was driven by a fall in prices for non-fuel imports. Non-fuel imports prices decreased 0.4% in April. It was the second consecutive decline.

A stronger U.S. currency lowers the price of imported goods.

Fuel import prices climbed 0.7% in April.

U.S. export prices plunged by 0.7% in April, after a 0.1% rise in March.

The U.S. Commerce Department released the retail sales data on Wednesday. The U.S. retail sales were flat in April, missing expectations for a 0.2% increase, after a 1.1% gain in March. March's figure was revised up from a 0.9% increase.

The reading was driven by lower automobiles and gasoline purchases. Automobiles sales decreased 0.4% in April, while gasoline station sales decreased 0.7%.

Retail sales excluding automobiles increased 0.1% in April, missing forecasts for a 0.5% rise, after a 0.7% gain in March. March's figure was revised up from a 0.4% rise.

Sales at clothing retailers climbed 0.2%. Sales at building material and garden equipment stores were up 0.3% and sales at restaurants and bars increased 0.7%.

Sales at electronics and appliance outlets were down 0.4% in April, whiles sales at online stores gained 0.8%.

These figures are adding to concerns that U.S. economy is losing momentum, and the Fed might delay its first interest rate hike.

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

Upgrades:

Microsoft (MSFT) upgraded to Buy from Hold at Deutsche Bank, target raised to $55 from $44

Downgrades:

Other:

Destatis released its gross domestic product (GDP) growth for Germany on Wednesday. Germany's preliminary GDP gained by 0.3% in the first quarter, missing expectations for a 0.5% rise, after a 0.7% increase in the fourth quarter.

The weak growth was driven by lower exports. Exports increased more slowly than imports.

Consumers remained the key driver of growth.

On a yearly basis, Germany's GDP declined to 1.1% in the first quarter from 1.6% in the fourth quarter, missing expectations for a fall to 1.2%. It was the slowest growth since the second quarter of 2014.

Stock indices traded higher as Eurozone's economy expanded in the first quarter. Eurozone's preliminary gross domestic product (GDP) increased by 0.4% in the first quarter, missing expectations for a 0.5% rise, after a 0.3% gain in the fourth quarter.

On a yearly basis, Eurozone's preliminary GDP rose by 1.0% in the first quarter, missing expectations for a 1.1% increase, after a 0.9% gain in the fourth quarter.

Industrial production in the Eurozone fell 0.3% in March, missing expectations for a flat reading, after a 1.0% rise in February. February's figure was revised down from a 1.1% increase.

The decline was driven by a drop in production of energy, which fell 1.7% in March.

On a yearly basis, Eurozone's industrial production gained 1.8% in March, in line with expectations, after a 1.9% increase in February. February's figure was revised up from a 1.6 gain.

The increase was driven by a rise in non-durable consumer goods and in production of energy.

The Greek debt problem still weighs on markets. Greece yesterday repaid €750 million in loans to the International Monetary Fund (IMF).

According to Reuters, the Greek government used emergency reserves in its holding account with the IMF to repay loans.

The U.K. unemployment rate fell to 5.5% in the January to March quarter from 5.7% in the October to December quarter, in line with expectations.

It was the lowest level since 2008.

The claimant count decreased by 12,600 people in April, missing expectations for a drop by 20,000, after a decrease of 16,700 people in March. It was the smallest monthly decline since March 2013.

March's figure was revised down from a decline of 20,700.

Average weekly earnings, excluding bonuses, climbed by 2.2% in the January to March quarter, exceeding expectations for a rise by 2.1%, after a 1.9% gain in the October to December quarter.

Average weekly earnings, including bonuses, rose by 1.9% in the January to March quarter, exceeding expectations for a gain of 1.7%, after a 1.7% increase in the October to December quarter.

Current figures:

Name Price Change Change %

FTSE 100 6,979.75 +45.95 +0.66 %

DAX 11,553.65 +81.24 +0.71 %

CAC 40 5,035.28 +60.63 +1.22 %

Eurostat released its industrial production data for the Eurozone on Wednesday. Industrial production in the Eurozone fell 0.3% in March, missing expectations for a flat reading, after a 1.0% rise in February. February's figure was revised down from a 1.1% increase.

The decline was driven by a drop in production of energy, which fell 1.7% in March.

Durable consumer goods were down 0.9%, while non-durable consumer goods rose by 2.3%.

On a yearly basis, Eurozone's industrial production gained 1.8% in March, in line with expectations, after a 1.9% increase in February. February's figure was revised up from a 1.6 gain.

The increase was driven by a rise in non-durable consumer goods and in production of energy. Non-durable consumer goods climbed by 5.7% in March from a year ago, while production of energy rose by 3.9%.

Durable consumer goods dropped by 1.7%.

Eurostat released its GDP growth figures for the Eurozone on Wednesday. Eurozone's preliminary gross domestic product (GDP) increased by 0.4% in the first quarter, missing expectations for a 0.5% rise, after a 0.3% gain in the fourth quarter.

On a yearly basis, Eurozone's preliminary GDP rose by 1.0% in the first quarter, missing expectations for a 1.1% increase, after a 0.9% gain in the fourth quarter.

Eurostat released no details of the component breakdown of GDP.

The U.S. economy grew 0.1% in the first quarter, after 0.5% in fourth quarter. On a yearly basis, the U.S. economy expanded at 2.4% in first quarter, after a 3.0% increase in the fourth quarter.

The Office for National Statistics (ONS) released its labour market data on Wednesday. The U.K. unemployment rate fell to 5.5% in the January to March quarter from 5.7% in the October to December quarter, in line with expectations.

It was the lowest level since 2008.

The claimant count decreased by 12,600 people in April, missing expectations for a drop by 20,000, after a decrease of 16,700 people in March. It was the smallest monthly decline since March 2013.

March's figure was revised down from a decline of 20,700.

Average weekly earnings, excluding bonuses, climbed by 2.2% in the January to March quarter, exceeding expectations for a rise by 2.1%, after a 1.9% gain in the October to December quarter.

Average weekly earnings, including bonuses, rose by 1.9% in the January to March quarter, exceeding expectations for a gain of 1.7%, after a 1.7% increase in the October to December quarter.

HANG SENG 27,265.67 -141.51 -0.52%

S&P/ASX 200 5,715.1 +40.40 +0.71%

TOPIX 1,604.21 +1.94 +0.12%

SHANGHAI COMP 4,376.71 -24.51 -0.56%

The Reserve Bank of New Zealand (RBNZ) Governor Graeme Wheeler reiterated on late Tuesday that the New Zealand dollar is still "unjustified and unsustainable" despite the recent depreciation. He added that the central bank would like to see further depreciation of the New Zealand dollar.

Earlier on Tuesday, the RBNZ released its Financial Stability Report. The central bank removed unexpectedly the word "unjustified" from its report. Wheeler declined to comment why the word "unjustified" had been removed.

Japan's finance ministry released its current account figures on late Tuesday. The non-seasonally adjusted current account surplus rose to 2,795 billion yen in March from 1,440.1 billion yen in February, exceeding expectations for an increase to 2,060 billion yen.

It was the highest current account surplus since March 2008.

The increase was driven by higher overseas investment and by lower imports.

Current account figures are usually higher in March due to seasonal factors.

The current account measures trade in goods, services, tourism and investment.

The European Central Bank (ECB) raised the amount the Greek central bank can lend its banks by €1.1 billion to €80 billion. This decision was made during an ECB board teleconference on Tuesday.

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

Nikkei 225 19,624.84 +3.93 +0.02 %

Hang Seng 27,407.18 -311.02 -1.12 %

S&P/ASX 200 5,674.7 +49.50 +0.88 %

Shanghai Composite 4,401.98 +68.39 +1.58 %

FTSE 100 6,933.8 -96.05 -1.37 %

CAC 40 4,974.65 -53.22 -1.06 %

Xetra DAX 11,472.41 -200.94 -1.72 %

S&P 500 2,099.12 -6.21 -0.29 %

NASDAQ Composite 4,976.19 -17.38 -0.35 %

Dow Jones 18,068.23 -36.94 -0.20 %