Poland's currency and stock market rallied after exit polls put opposition parties on track for a parliamentary majority, potentially leading to an improvement in troubled relations with the European Union. The opposition Civic Platform under Donald Tusk won 31% of the vote, an Ipsos poll showed. Tusk, a centrist former prime minister who then led the European Council, has pledged to improve ties with the EU. Warmer relations could help unlock the equivalent of $36.
Poland has the largest economy of the formerly communist countries that are now EU members, and is one of the most important countries in Europe for emerging-markets investors. The market reaction: The zloty strengthened 1.6% to trade at 4.24 per U.S. dollar. The Poland WIG stock index rose over 5%. Major Polish companies including Bank Polska Kasa Opieki, PKO Bank Polski and oil refiner Orlen rose 8% or more. Germany's Commerzbank, which has a large Polish business, rose more than 4%.
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