The first reaction of markets was, in a nutshell - a panic. After that, markets rebuilt prices. In the end, German stocks finished with a bullish emotions. That, we can't say about Polish stock market - it heavily plunged - almost -3.06% WIG20 lost. Especially, Polish banks fell down really strong. The following screenshot presents WIG-BANKI index generated by Warsaw Stock Exchange Analyzer available on Google Play. As you can see, there is an area where banks can fall deeper.
What is interesting, besides Polish banks, is that we can point another miserable victim of SNB's decision. New Zealand forex broker Global Brokers NZ Ltd, which operates Excel Markets, told their clients “Global Brokers NZ Ltd. STP's 100% of order flow and has sustained a total loss of operating capital. GBL can no longer meet regulatory minimum capitalization requirements of N$1,000,000 and will not be able to resume business.” That also say: "The majority of clients in a franc position were on the losing side and sustained losses amounting to far greater than their account equity".
To sum up, Switzerland’s central bank messed up yesterday - lot of people are in trouble.
Best,
To sum up, Switzerland’s central bank messed up yesterday - lot of people are in trouble.
Best,
fs-team