US stock markets yesterday showed moderate growth on the background of a rise in price of shares of energy companies, as well as macroeconomic data. Thus, investors welcomed the growing non-productive PMI, which totaled 59.3 in November, up from 57.1 the previous indicator. Publication of Beige Book did not lead to a change in investor sentiment. Today will be published data on initial unemployment claims in the US (13:30 GMT). However, investors will not rush with action before the publication of statistics on the labor market in the US tomorrow. Growth potential in the near future is limited and we maintain a medium-term negative outlook and expect correction after Christmas.
European stock markets yesterday did not show unified dynamics. The British market fell despite the revision of the government forecasts of GDP growth from 2.7% to 3.0% in 2014, and this positive on the service PMI, which rose to 58.6 against 56.6 expected. The comparable figure in the euro area fell to 51.1, which is 0.2 worse than the forecast. Today, investors are waiting for the speech of the ECB President , Mario Draghi, who can say about intensifying measures to stimulate the economy of the region and to fight with low inflation. Tomorrow will be published data on GDP growth in the euro area in the 3rd quarter. At the moment, is needed a strong incentive to continue the upward trend of the European markets. Our medium-term outlook remains negative.
Markets in the Asia-Pacific region rose today against the background of positive external news from the US and the weakening of the yen. Despite this, risk for further upside in the region is the slowing of China's GDP growth to five-year low. The Australian market is under pressure from news of weak economic growth of the country, which in the 3rd quarter increased by only 0.3% against the expected 0.7%. We expect further growth in the Japanese market in the medium term, but we can see a correction in the near future. Expectations on the Chinese and Australian markets remain negative.