American stocks yesterday showed growth against the background of positive statistics on construction costs, which in January increased by 1.5% to its highest level since 2007. In addition, investors reacted positively to news the US manufacturing PMI increasing to 49.5 in February against 48.2 in January. Today, it is worth paying attention to statistics on the labor market in the US (13:15 GMT) and the publication of Beige Book (19:00 GMT). Our forecast for the coming months remains negative, but the index growth may continue in the near future.
Major European indexes show moderate growth today due to the positive influence of the United States and Asia, as well as due to higher oil prices. It is worth noting that a strong labor market report was published yesterday in the euro area, where the unemployment rate declined to 0.1% in January to 10.3%. Tomorrow we should pay attention to the statistics on service PMI in the UK and the Eurozone, as well as statistics on retail sales. The expectation of meeting of the ECB's monetary policy on March 10, where will probably strengthen the incentives that will support the bulls in the near future. Our medium-term outlook for the markets in the region remain optimistic and we expect continued growth in the coming days.
Markets in the Asia-Pacific region showed strong growth against the background of a number of factors. Thus, the stimulus measures in China and the expectation of its strengthening were the main reason for the growth markets in the country. In addition, the fall of the yen supported the optimism in Japan. It should be noted, that stronger statistics for GDP growth in Australia in the 4th quarter of last year, which totaled 0.6% that is 0.1% more than the forecast. Compared with the same period of the last year, GDP grew by 3.0% due to domestic demand and despite falling commodity prices. Our medium-term outlook remains positive, despite the likely continuing high level of volatility in the near future.