03.09.2014 - Markets are waiting for the ECB meeting and unemployment data in the United States

American indexes remained near the previous close levels, despite the positive data on the manufacturing PMI, which rose to 59.0 compared with an expected 57.0 and higher construction expenditures by 1.8%, which is 0.9% more than analysts' forecasts. Obviously traders are in no hurry to accumulate positions before the release of data on the labor market in the country. In addition, the potential for further growth is limited by the lack of strength in bulls. Today we should pay attention to data on factory orders in the United States (14:00 GMT) and the publication of the Beige Book (18:00 GMT). We maintain a medium-term negative outlook on the American market with the potential of reduction by 10-15%.

Major European indexes were unable to determine the direction and ended the day near the previous close. Data on producer price index, which fell in July by 0.1%, compared with growth of 0.2% in the previous period disappointed investors. British investors supported the news on the growth of the construction PMI to 64.0, which is 2.5 better than the forecast. We expect low volatility due to the expectation of statements of the ECB on monetary policy tomorrow. The course of trading today can be affected by the data on prices in the Eurozone PMI (08:00 GMT) and the UK (08:30 GMT). We maintain a medium-term negative outlook for European stock markets.

Markets in the Asia-Pacific region showed an increase. The Chinese market was supported by news about the growth of non-manufacturing PMI in China to 54.4 in August, against 54.2 in July. The Japanese market has supported the devaluation of the yen and the expectation of the reform of the pension fund in case of appointment of a new Minister of Health. In Australia today was published the data on the country's GDP in the second quarter, which grew by 0.5%, compared with an expected growth of 0.4% and the previous figure of 1.1%. Despite this potential for growth on the markets in the region is limited and we maintain a negative outlook on most stock markets in the region.

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