01.12.2014 - Data from China disappointed the markets
Activity on the American stock markets was minimal on the last trading day of the week, which was shortened. We recall that on Thursday in the United States celebrated Thanksgiving Day and on Friday was not published important macroeconomic data. Today, the course of trading will be affected by data on the manufacturing PMI (15:00 GMT). The central event of the week will be the publication of statistics on the US labor market on Friday. We see a lack of strength in bulls and look forward to the beginning of the price correction after Christmas. Despite our medium-term negative outlook, we assume the possibility of continuing growth in the near future.
European stocks increase have stopped on Friday amid a lack of incentives for growth. Eurozone unemployment rate remained at 11.5%, the consumer price index fell to 0.3%, in line with analysts' forecasts, but it was by 0.1% less than in October. It should be noted that the expected strengthening of measures to fight low inflation in the euro area is already partially priced in, and even a statement of head of the ECB on Thursday will have a limited positive impact on the dynamics of the indexes. Today have been published data on the manufacturing PMI in the Eurozone, which fell by 0.3 to 50.1 and in the UK, which rose by 0.2 to 53.5. We forecast drop in the indexes in the near future and maintain the medium-term negative outlook.
Markets in the Asia-Pacific region showed mixed trends. The Japanese market is growing against the background of the fall of the yen. The fall of the manufacturing PMI to 52.0, against 52.1 reduced the demand for risky assets, but was not able to change the course of trading. The fall in China's manufacturing PMI to 50.3, versus 50.5 in the previous period was negatively perceived by investors. The fall in the industry stimulates the government of China to the additional measures to stimulate the economy. The main problem for the region is the crisis in the construction sector in China. The Australian market is under the pressure of the negative from China and fall in gold prices. We maintain a negative outlook on the markets of the region with the exception of Japan.