The PX-50 index closed down 0.29% yesterday. Although the market opened sky high in positive territory, the close of the day approached the session’s lows on intensive international selling. Sellers appeared after a higher than expected US inflationary rate, suggesting a rate hike may be imminent. CEZ dropped 1% and Unipetrol dropped to +1.38% from its previous almost 9% intraday gain. We believe Unipetrol should be closely watched as the recent PKN guidance and strategy update may bring extensive restructuring potential. We reiterate our near-term outlook for ongoing weakness in the emerging markets.