We begin the second week of the month in which the macro calendar is very poor. Therefore investors should build their strategies on known on Friday data from the US labor market and the recent weekend data regarding Chinese trade. Reports from China were not so very beneficial. The dynamics of Chinese exports is back to negative values, however that was expected. In the case of import the data are more surprising, but the investors should become accustomed. It was shown by a larger reaction only in China and on the copper market. Behind them it is now more balanced.
Opening part of sessions in Europe should proceed neutral or slightly up, followed pretty good behavior of Wall Street on Friday. In Warsaw, copper prices may hurt KGHM, but banks on Friday showed a good side and it depends on them now, whether Friday's improvement will be more durable.
This week, there will also be the decision of Moody's regarding the Poland rating, which is expected on Friday. The end of last week showed, however, that the Warsaw Stock Exchange is slightly less worried about this decision, which the concerns were still visible on the currency market.