02.09.2014 - The Japanese market has grown amid falling yen
Trading session on the American stock markets yesterday were not held in connection with celebrating of Labor Day. Today, the mood of investors will depend on the data on the manufacturing PMI and construction spending in the United States (14:00 GMT). Investors' attention is also focused on the situation in Ukraine. At the NATO summit on September 4-5, may be decided on providing assistance to Ukraine, which will strengthen the confrontation between the West and Russia and will negatively influence the investors' sentiment in the world. We keep a medium-term negative outlook, and expect decrease in the near future.
Major European stock indexes have not changed yesterday due to low activity of investors on the background of the day off in the United States and weak macro. So Germany's GDP in the second quarter decreased by 0.2%, in line with expectations, and the Eurozone manufacturing PMI fell in August by 0.1 to 50.7. The comparable figure in the UK has fallen to its lowest level in 14 months and made 52.5, against the forecast of 55.1. Today we should pay attention to the index producer price of the euro area (09:00 GMT) and data from the United States. Investors expect the ECB meeting at which may decide to stimulate the economy and fight with low inflation in the region. We keep the a medium-term negative outlook.
Markets in the Asia-Pacific region showed an increase. Positive for the Japanese market was devaluation of the yen and the appointment of a Deputy of Mr. Abe responsible for pension reform in the country. The Chinese market was weaker due to weak data on the production yesterday. Reserve Bank of Australia left interest rates unchanged and the number of permits for new housing construction in the country increased by 1.7% against the forecast of 2.5%. At the same time the growth of current account deficit to 13.7 billion in the second quarter against 7.8 billion in the first, disappointed traders. Tomorrow we should pay attention to the data on GDP growth of Australia and the speech of the RBA chairman. We keep the medium-term negative outlook for the markets in the region except for the Japanese.