US stocks declined yesterday on the statements of the Federal Reserve chairwoman with respect to the expected continued growth of the economic indicators in the country with a rate that will be sufficient to raise the interest rate the Federal Reserve in December. It is worth noting the positive statistics on non-productive PMI, which rose to 59.1 in October against the forecast of 56.6 and the balance of trade whose deficit decreased by 15% to 40.8 billion in September amid rising exports and reduced imports. Today the index is likely to continue consolidation around current levels in anticipation of tomorrow's publication of an important report on the US labor market. Our average market forecast is positive, but in the near future we may see a correction ion the markets.
The main European stock indexes show different dynamics. Statement by ECB President Mario Draghi and possible further easing of monetary policy in the euro area support the markets, but growth is holding back by likely the Fed raising interest rates in December. Retail sales in the euro area fell by 0.1% in September, against the forecast of growth by 0.2%. Investors are waiting for the Bank of England's quarterly report on inflation, which will be affected market sentiment. Tomorrow we should pay attention to data on trade balance and industrial production in the UK and the volume of industrial production in Germany. We maintain a positive medium-term outlook for the European markets.
Markets in the Asia-Pacific region showed different dynamics. The fall of the Japanese yen has been supported by the growth of quotations in the country. In addition, investors welcomed the outcome of yesterday's IPO of Japan Post, which became the largest in the country since 1998. The uncertainty about the pace of growth of China's economy remains the main risk to growth of indexes in the region. Tomorrow investors will not accumulate positions ahead of the release of unemployment data in the United States, which impact the global investor sentiment. Among the important events tomorrow we should monitor publication of the report of the Reserve Bank of Australia on monetary policy and statistics on the index of leading economic indicators in Japan. Our medium-term outlook for the markets in the region are still positive.