What does the earnings season say about the 2023 bull market? [Closer to the Exchange]

The New Year's rally on the Warsaw Stock Exchange is the best period for the WIG20 in twenty years. Last year, we witnessed not only a troublesome downward trend, which was related to both concerns about the energy crisis, high inflation and the war in Ukraine, but also a dynamic return of demand in the last quarter of 2022. Although the last few days have brought a pause on the chart of the Polish index - investors are counting on the continuation of growth. This is evidenced, among others, by the extremely high reading of the SII Investor Mood Index, which was in the region of 60%. In recent years, such high values ​​of the sentiment index heralded the imminent end of increases and the return of bears to the Polish stock exchange. How will it be this time?

The season of publishing results is underway

The season of quarterly results publication in the United States gives some insight into the condition of American enterprises. Disappointing reports presented by Netflix or Goldman Sachs, as well as reports of mass layoffs at Amazon, Meta or Microsoft, put a clear question mark on the 2023 boom. The management boards of Polish companies also began to talk about the possibility of a decrease in revenues in the following months. How long will the current increases in stock indices last? What does the Chinese credit impulse tell us about the future of this bull market? Is the wave of layoffs on Wall Street the first swallow possible recession?

We invite you to the next webinar Closer to the Stock Exchangein which Maciej Kietliński answers the title question - what does the earnings season say about the 2023 bull market?

In the latest webinar:

• Will it be different this time?
• Is it still cheap (compared to other indices)?
• What next for gas prices and inflation?

About the host

Maciej Kietlinski - professionally involved in the analysis of capital markets since 2017. He gained the necessary experience in such renowned companies as BGŻ BNP Paribas or Noble Securities. In his last place of work, he specialized in the analysis of listed companies from the dynamically developing gaming sector. He also gave stock exchange comments on TV Biznes24, Parkiet.tv or Inwestorzy.tv and for Forbes, Reuters, Parkiet, Gazeta Wyborcza and PAP Biznes. Kietliński also focuses on development, which is why he is currently working on a doctoral dissertation in economics at the Warsaw School of Economics. CIIA, Investment Advisor or Stock Broker.

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