04.08.2014 - The mood of investors has improved slightly
The last trading session of the week ended with a slight decrease of the American markets. The course of trading was affected by a large block of macro-statistics, the negative mood associated with the default of Argentina, as well as the desire of traders to fix the position after a strong movement of the market. It should be noted that the unemployment rate in the United States rose to 6.2%, which is 0.1% worse than the forecast and the previous figure. At the same time, the consumer confidence index increased by 0.5 to 81.8. Today, we expect the low activity of traders in the absence of important data. Among the corporate reports we should pay attention to Berkshire Hathaway, Michael Kors Holdings and Cardinal Health. The medium-term outlook remains negative.
European stock markets continued to fall on Friday in connection with a number of negative factors, including weak corporate reporting of European companies, the deterioration in the labor market in the United States, as well as problems of Banco Espirito Santo, which will get help of 6.6 billion euro. Today the course of trading will be affected by data on the index of investor confidence (08:30 GMT) and producer price index in the euro area (09:00 GMT). In the UK, will be published data on the construction PMI (08:30 GMT). We maintain a medium-term negative outlook for the European markets with the potential of fall by more than 10%.
Markets in the Asia-Pacific region show mixed trends. The Japanese market continues to decline due to the strengthening of the yen and on the background of growth of the monetary base in the country to 42.7% per annum, with an expected growth of 41.2%. The Chinese market is correcting upwards and waits for tomorrow's statistics on services PMI. Positive mood in the Australian market is due to an increase in retail sales by 0.6% against the expected growth of 0.3%. Tomorrow we expect the increased volatility on the Australian market with the publication of data on the trade balance and the statement of the Reserve Bank of Australia. We maintain a medium-term negative outlook for the markets in the region.