Thursday was yet another bad day on European bourses. The CAC40 and DAX both lost 1.6 percent and the FTSE fell by 1.2 percent to 4,594 points. At Warsaw trading was subdued due to a fear of further losses on the American markets. When this proved not to be the case on opening the markets recovered slightly. Nonetheless the underlying factors do not bode well for the immediate future. The WIG20 closed down 0.2 percent on the day to 1,288 points whilst the WIG finished down 0.4 percent at 14,832 points.