09.09.2014 - The stock markets of the world continue to consolidate

Volatility on the American stock market is still low due to the lack of new drivers for growth. Support was provided by market data on consumer credit in the United States, which grew to 26 billion in July, compared with an expected decline to 17.4 billion. Today, the central news of the day will be publication of the index of small business optimism (11:30 GMT). Investors fear the beginning of a significant correction on the stock markets and not in a hurry to accumulate new positions. We maintain a medium-term negative outlook on the American market.

Most European indexes fell yesterday on weak data on the index of investor confidence in the euro area, where the indicator showed a negative value of 9.8, against an expected growth to 3.2. At the same time, surveys show that more than 50% of Scots ready to vote for independence, which is a risk to the financial system of the United Kingdom and the European Union. German investors were pleased by data on the growth of the country's trade surplus to 22.2 billion, compared with an expected 17.3 billion. Today the course of trading can be influenced by statistics on the trade balance and industry of the UK (08:30 GMT). We maintain a medium-term negative outlook for European markets.

Markets in the Asia-Pacific region are also moving in a narrow sideways range. Japanese data was weaker than analysts' expectations. Thus, the consumer confidence index fell to 41.2, which is 1.1 worse than the forecast, orders for machinery equipment showed an increase of 35.6% in August compared to 37.7% in July. The minutes of the meeting of the Bank Japan noted the weakness of the industry and geopolitical risks. At the same time, the index of business sentiment in Australia fell by 2 points to 8. We maintain a medium-term negative outlook, and after a long consolidation expect a strong movement on the markets.

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