Gloomy when it’s sunny

The revival on the emerging stock markets, which was announced last month and was supposed to take place at the end of April or early May, has still to make any kind of appearance. The poor data from the US, where the first GDP estimate for the January–March period showed only microscopic growth (0.1 pct), did nothing to improve the mood, while the low trading activity related to the May holidays wasn’t helping the WSE indexes either, and instead has made things easier for sellers. The situation was not even helped by the promising figures for Polish GDP growth in Q1. The economy grew by 3.3 pct, above earlier projections of 3 pct following the speeding up observed in Q4 2013 when GDP increased by 2.7 pct. With inflation remaining stubbornly low, such factors should combine to increase the attractiveness of shares. Low inflation keeps interest rates down, thus reducing the profitability of investment in deposits. The prospect of exceeding 3 pct GDP growth this year is now