10.12.2014 - The situation on the stock markets remains unstable

US stock indexes were mixed yesterday on the background of the negative from China, where have tightened credit conditions and positive data from the US. Thus, the number of vacancies in the US rose to 4.83 million in October, against 4.69 million in September. The index of small business optimism rose to 98.1 in November, compared with an expected 96.6 and wholesale inventories rose in October by 0.4%, which is 0.3% better than analysts' expectations. Today is worth paying attention to the statistics on requests for mortgage lending (12:00 GMT). Tomorrow is forecasted the growth in volatility in connection with the publication of data on the labor market and retail sales in the United States. We maintain our medium-term negative outlook, but we can see the growth in the near future.

European stock markets showed a significant decrease on the background of the political crisis in Greece, which remains the most troubled of the Eurozone’s countries. In addition, investors were disappointed by the data on the trade balance in Germany, despite the fact that his surplus rose to 20.6 billion, compared with an expected 18.1 billion. Negative was the reduction of German exports by 0.5% and imports by 3.1%. At the same time, industrial production in the UK in October fell by 0.1% against the expected growth of 0.3%. UK trade deficit narrowed to 9.6 billion, which is 0.1 worse than expected. We maintain our medium-term negative outlook for European indexes.

Markets in the Asia-Pacific region do not show the unidirectional dynamics. Chinese markets corrected after yesterday's collapse against the background of tightening of credit conditions in the country. The producer price index in China fell by 2.7%, which is 0.4 worse than the forecast, and consumer price inflation slowed in November to 1.4%, against 1.6% in October. The Japanese market shows a negative trend due to the sharp strengthening of the yen against the background of rising demand for the currency as a defensive asset. We predict the fall of markets in the region due to the unstable situation on the world markets and the weak economic indicators of China and Japan.

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