American stocks continued to consolidate amid expectations of the publication of an important report on the labor market in the country tomorrow. Improving the employment situation will be an additional incentive for the Fed raising interest rates, which will be negatively displayed on the stock markets. It is worth noting that yesterday's drop in oil prices after the release of data on the growth in US inventories, could not lead to a large drop on the stock market. Today, the dynamics of trading will affect the news on the number of initial unemployment claims (12:30 GMT), as well as the manufacturing PMI and construction spending in the US (14:00 GMT). Our medium-term outlook remains negative and we expect a strong movement in the coming days.
Major stock markets in Europe today show a positive trend. Growth is constrained by weak statistics on the manufacturing PMI in the Eurozone, which fell by 0.1 to 51.7 in August. The comparable figure in the UK rose to 53.3 vs. expected 49.1. The main attention of investors is focused on the of tomorrow's publication of statistics on the labor market in the US, which will greatly affect the decision on the monetary policy in the country. According to our forecasts, volatility in coming trading sessions will be increased and we maintain a medium-term negative outlook on the markets of the region.
Markets in the Asia-Pacific region showed different dynamics. The Japanese market is supported by the weakening of the yen. The focus was on the data on the manufacturing PMI in the region. Thus, the index in China rose to 50.4, which is 0.5 more than the forecast. At the same time in Japan, the index fell by 0.1 to 49.5. The sudden decline in the manufacturing PMI in Australia to 46.9 in August, which is significantly worse than the 56.4 in July has led to a slight decrease on the stock market in the country. Tomorrow, little impact on investors' sentiment will have news on consumer confidence in Japan, but investors will not accumulate positions in anticipation of the data from the United States. Our medium-term outlook for the region's markets is negative.