Polish stocks and currency fall after Russian drones cross border
Donald Tusk (Photo: REUTERS/Kacper Pempel)
Polish stocks and the local currency fell after the country shot down several Russian drones that crossed its border, Bloomberg reported on Sept. 10.
“The Warsaw WIG20 index fell 2.6%, its biggest drop in two weeks and the worst performance among major stock indexes,” the publication reported. “The zloty weakened 0.4% against the euro.”
Poland shot down drones that crossed its border during the latest large-scale Russian airstrike on Ukraine, calling it an “act of aggression.” The country has asked NATO to invoke Article 4, which would trigger consultations on a military response, Prime Minister Donald Tusk said.
“I believe the current decline is a reaction to geopolitical risk and is more of a temporary phenomenon,” said Andrzej Bienek, investment director at Esaliens TFI in Warsaw. “The government wants to show decisive action, so decisions are emerging that provoke strong market sentiment.”
While the Polish stock index has still gained more than 20% this year, sentiment has worsened in recent weeks over plans to raise taxes on banks, Bloomberg reported.
On the night of Sept. 10, during a massive missile and drone attack on Ukraine, several Shahed drones crossed into Poland. The operational command of the Polish Armed Forces confirmed that Russian drones had repeatedly violated Polish airspace.
The Polish military confirmed it had shot down a UAV for the first time and announced an operation to “detect, identify and neutralize” them.
Tusk told parliament that 19 Russian drones had violated Poland’s border. He said the destruction of three drones had already been confirmed, and a fourth was likely also shot down.
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