U.S. stocks yesterday resumed their growth. The central event of the day was the publication of the minutes of the previous meeting of the Federal Open Market Committee of the Fed. According to the minutes, the program of quantitative easing is likely to be completed by the results of the Fed meeting in October. At the same time the Fed noted the acceleration of economic growth in the second quarter, after an unexpected drop in the first quarter. The mood of traders today will depend on labor market data (12:30 GMT) and wholesale inventories in the U.S. (14:00 GMT). We admit the possibility of a slight increase of the U.S. market in the near future, but keep the negative medium-term outlook.
Major stock indexes in Europe finished yesterday's trading session with little growth. The exception was the British market, which fell amid falling house prices by 0.6%, while the forecast of decline was 0.3%. Today, the focus will be on data on industrial production in France, which has not changed compared to the previous level and the same indicator in Italy (08:00 GMT). Medium-term outlook for European indexes remains negative.
In the Asia-Pacific region is observed neutral mood despite some weak statistics in the region. Thus, the volume of domestic orders for machinery in Japan fell by 19.5% in May, China's trade surplus narrowed to 31.6 billion, compared with an expected 37.3 billion, and the unemployment rate in Australia increased by 0.1% in June, to 6.0%. Overall, our outlook on the markets of the region remains negative. The Japanese market can continue to grow in case of devaluation of the yen.