POLAND: Poland to Analyse Tax-Free Income Hike, Finance Minister Says
- The Finance Ministry is still working on a plan to increase tax-free income, which was one of the election pledges by the ruling Civic Platform party, Finance Minister Andrzej Domanski said in an interview with TVP Info late yesterday. But doubling the personal income tax allowance would cost PLN 52-56bln, and therefore caution is needed to implement such a measure, he noted.
- During an interview with Radio ZET, Poland’s EU Funds Minister, Katarzyna Pełczyńska-Nałęcz, stated that while she is happy with a ‘bank tax’ proposal from the Finance Ministry, it is not as good as a windfall tax and won’t motivate banks toward development-oriented activities or effective lending.
- Last week, the Finance Ministry said it was not working on a windfall tax despite pressure from junior coalition party Poland 2050 – of which Pelczynska-Nalecz is a deputy head. The Ministry said then that certain financial institutions are already subject to the 'bank tax' while the sector's extraordinary profits were driven by high interest rates.
- No major data releases are scheduled for today. Preliminary CPI figures for June and the NBP’s rate decision will be in focus next week.
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UK DMO UPDATE: I/L Syndication Announcement
The United Kingdom Debt Management Office (DMO) announces that the second transaction of the 2025-26 syndication programme will be the launch of a new index-linked gilt maturing on 22 September 2038. The new gilt will have the ISIN code GB00BMY62Z61 and the SEDOL code B-MY6-2Z6; it will pay a short first coupon on 22 September 2025.
- The transaction is planned to take place in the week commencing 9 June 2025, subject to demand and market conditions.
EQUITY TECHS: E-MINI S&P: (M5) Bulls Remain In The Driver’s Seat
- RES 4: 6080.75 High Feb 26
- RES 3: 6057.00 High Mar 3
- RES 2: 6000.00 Round number resistance
- RES 1: 5993.50 High May 20 and the bull trigger
- PRICE: 5931.25 @ 07:23 BST May 28
- SUP 1: 5756.50/5728.00 Low May 23 / 50-day EMA and key support
- SUP 2: 5596.00 Low May 7
- SUP 3: 5455.50 Low Apr 30
- SUP 4: 5355.25 Low Apr 24
A bullish trend condition in S&P E-Minis remains intact and the latest pullback appears to have been a correction. Last Friday’s sell-off resulted in a print below the 20-day EMA, at 5794.26. A key support lies at 5728.00, the 50-day EMA. A clear break of this average is required to highlight a stronger reversal and signal scope for a deeper retracement. Sights are on the bull trigger at 5993.50, the May 20 high.
WTI TECHS: (N5) Shooting Star Reversal Signal
- RES 4: $72.12 - High Feb 20
- RES 3: $71.10 - High Apr 2 and key resistance
- RES 2: $65.82 - High Apr 4 2 and key resistance
- RES 1: $62.63/64.19 - 50-day EMA / High May 21
- PRICE: $61.06 @ 07:17 BST May 28
- SUP 1: $54.33 - Low April 9 and the bear trigger
- SUP 2: $53.30 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 3: $52.14 - 2.382 proj of the Jan 15 - Feb 4 - 11 price swing
- SUP 4: $50.00 - Psychological round number
WTI futures traded to a fresh S/T cycle high last Wednesday before finding resistance. The recovery since Apr 9, appears corrective. Key resistance to watch is $62.63, the 50-day EMA. It has been pierced, a clear break of it would highlight a stronger reversal and open $65.82, Apr 4 high. For bears a reversal lower would refocus attention on $54.33, the Apr 9 low and bear trigger. The price pattern on May 21 is a shooting star - a bearish signal.
