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Adamiec, Alfred

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4 articles of this author have been cited in the European Press Review so far.

Gazeta Wyborcza - Poland | 21/09/2011

Markets hardly care about ratings

The decision by Standard & Poor's to lower Italy's credit rating won't have a major impact because the markets have long since identified Italy as a credit risk, writes analyst Alfred Adamiec of the Polish investment house DM Alfa in a commentary for the liberal daily Gazeta Wyborcza: "You only need look at the interest rates on Italian debt securities. On Tuesday it was 5.67 percent and in August it even climbed to six percent. By comparison the interest rate on German bonds with a ten-year repayment period is currently at 1.77 percent. That the markets are quicker to act than the agencies is also apparent in the reaction of the stock markets. Or rather the fact that there has been no reaction. The major European indexes began the day with a slight minus but they soon began to compensate for these losses. The investors are becoming increasingly immune to credit downgradings."

Gazeta Wyborcza - Poland | 19/04/2011

Dishonest assessment of US economy

The rating agency Standard & Poor's (S&P) has downgraded its long-term prognosis for the US economy from "stable" to "negative". The country's AAA optimal credit rating meanwhile remains unchanged but there is the threat that it will be downgraded in the next two years. This is not right, the Polish analyst Adam Adamiec comments in the liberal daily Gazeta Wyborcza: "If the economists were honest they wouldn't have just downgraded the prognosis but also the entire credit rating. This fear of an all too frank assessment of the liabilities of the world's largest economy demonstrates that the global financial system has still not recovered from the crisis. Yet the honest voices are gaining momentum across the globe. Firstly, the Pimco investment fund (one of the world's largest) has admitted that it has already began selling off its US bonds. Secondly Chinese rating agencies have been saying for some time that the US's creditworthiness is overrated."

Gazeta Wyborcza - Poland | 08/12/2010

Santa Claus rally packs Warsaw Stock Exchange's stocking

The index of the 20 largest businesses on the Warsaw Stock Exchange, the WIG20, reached the highest level of the year on Monday. In addition the stock exchange, Central Eastern Europe's largest, closed with a profit on Tuesday. Alfred Adamiec, Chairman of the Warsaw brokerage firm DM Alfa, examines why in the liberal daily Gazeta Wyborcza: "This looks every bit like a Santa Claus rally, because there is no objective reason for such a rise. Institutional investors want to end the year on a strong note. For that reason they're buying assets - from shares to commodities - to end the year with a good result and earn themselves higher bonuses (the price of gold has reached a new all-time high, and a barrel of oil is now fetching the highest price for the last 26 months)."

Gazeta Wyborcza - Poland | 11/11/2010

Chinese downgrade US credit rating

The Chinese rating agency Dagong Global Credit Rating downgraded the credit rating of the US on Wednesday. That is not necessarily bad news because the global economic balance has changed, writes analyst Alfred Adamiec of the Polish investment company Efekt in a commentary for the liberal daily Gazeta Wyborcza: "The rating of the US and many other Western industrial countries has long been a taboo subject. The biggest Western rating agencies don't like to downgrade the US's rating because of the negative effect that would have on the global economy. But not even the US can stop global change! The balance is increasingly shifting to the East, and downgrading the US's credit rating must no longer automatically entail such consequences."

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