Little Christmas cheer on the WSE

At the end of the year investors are usually filled with the spirit of Christmas. But even if the festive mood had no impact on the market, the health of the economy and the prospects for 2014 should have helped prices to soar. And even if it turned out that these factors were slightly worse than expected, the situation on the foreign markets should also have provided the Warsaw stock market with a fillip. However, neither the 2 pct GDP growth figures for Q3, nor the increasingly optimistic forecasts for 2014 (an expected growth rate approaching 3 pct), nor the boom on the main foreign markets, had any positive impact on the mood of traders. Even the news from abroad, such as the scaling back of the money being printed by the US (by USD 10 bln per month), did not result in any upward adjustment. In the world’s largest economy the combination of the stubbornly high unemployment rate, which is limiting wage increases and inflation, as well as cheap financing, is helping to push up