Indices worldwide started the week calmly waiting for an impulse to make a move. It came on Tuesday with the ISM Non-manufacturing report, which declined to 41.9 points while analysts expected a reading at 53.0. The Institute of Supply Management (ISM) Non-Manufacturing Index measures the activity level of purchasing managers in the services sector and a reading below 50 points can indicate recession. After the announcement indices tumbled and continued to fall till the end of the week although the situation stabilized.

The Dow Jones Industrial Average lost 4.2% till Thursday to 12,245 while the broader measure of the U.S stock market, the S&P 500, tumbled 3.9% to 1,336 (also till Thursday). Along with American investors, Europe started selling-off equities. Germany’s DAX lost 4.5% while French CAC 40 was hurt even more losing 6.7%. Bad news come from the biggest U.S exporter, Asia. Japanese Nikkei 225 tumbled 6.3% throughout the course of the week.

The Polish stock market is still on the downside and bad news from the U.S, as usual, had great impact on the performance of the WIG 20, which lost 6.2% and is back below 3,000 points again, at 2,910. Polish investors are worried about global recession so they move their capital to safer investment vehicles. Savings accounts and bonds are gaining popularity, also with the expectations of another interest rate hike in Poland.

Adam Narczewski