US stocks yesterday showed moderate growth against the background of rising oil prices, as well as the positive statistics on the labor market. Thus, according to employment statistics in the private sector from ADP showed job growth in February by 214 thousand, compared to the forecast of 185 thousand. At the same time, according to the Beige Book in most US districts counties an increase in economic activity and consumer spending, which supported the bulls. Today, the dynamics of trading will affect price of oil the volume of factory orders, and non-manufacturing PMI statistics in the US (15:00 GMT). Investors will not rush to build up positions ahead of tomorrow's release of the labor market report for February. Current growth may continue in the near future, but its potential is limited.
Major European stock indexes today are near the previous close levels due to the pending publication of important statistics from the US tomorrow. Today was published statistics on retail sales in the euro area, which rose by 0.4% against the forecast of 0.1%. In addition, the service PMI in the euro zone rose by 0.3 to 53.3, and in the UK fell to 52.7, against the forecast of 55.1. In the near future expectation of stimulus from the European regulator after its meeting on 10 March will have a positive impact on the mood of investors. Our medium-term outlook for European markets remains positive.
Markets in the Asia-Pacific region showed mixed dynamics. Most stock indexes rose amid the positive from the US and rising oil prices. Data on service PMI in China disappointed investors. Thus, the index fell to 51.2 in February, which is 1.4 less than the forecast. On the other hand, Australia's trade deficit totaled only 2.94 billion in January, against 3.52 billion in December. Tomorrow we should pay attention to the statistics on retail sales in Australia. In case of reduction of the yen, we can see strong growth on the Japanese market. Our medium-term outlook for the region's markets remains positive.