American stock market slightly changed on Monday in connection with the desire of investors to take a break after a strong growth caused by the positive statistics on the US labor market. Rising oil prices amid renewed calls from some members of OPEC to freeze oil production in the cartel, supported markets, which could offset the fall in the health sector. Today, it is worth paying attention to the US data on wholesale inventories (14:00 GMT). Our medium-term outlook remains negative due to lack of drivers for growth and reduced profits of US corporations.
European stock indexes are now showing positive dynamics in connection with the publication of strong corporate reports, higher oil prices and macroeconomic statistics. Thus, the volume of industrial production in the UK rose by 0.1% in June, against the forecast of decline by 0.1%, but according to our estimates, this figure will continue to decline in the coming months in the aftermath of the decision on exit from the European Union. It is worth noting that the British authorities have hinted at the possibility of strengthening the country's stimulus measures to support economic growth. Our medium-term outlook remains negative and we expect the decline on European markets in the near future.
Markets in the Asia-Pacific region were moving in different directions. The Japanese market was supported by the weakening of the yen and the previous positive due to the strong US statistics. On the Chinese indexes affected the statistics on inflation in the country. Thus, the consumer price index rose 1.8% in July compared with the same period last year, which was 0.1% less than the previous figure and below the acceptable target level of 3.0%. This fact allows the Chinese authorities to strengthen the incentives. Our medium-term outlook for markets remains negative, amid uncertainty over the prospects for global growth.