US stock indexes yesterday corrected upwards against the positive statistics on the labor market, where the number of initial unemployment claims fell to 294 thousand, which is 5 thousand better than the previous figure. It is worth noting that retail sales in November rose by 0.7%, compared with an expected growth of 0.4%. Today negative factor for market will be data industry of China, whose growth in November slowed to 7.2%, compared with an expected 7.6%. The course of trading will also be affected by the data on producer price index (13:30 GMT) and the consumer confidence index from the University of Michigan (14:55 GMT).
European stock market yesterday showed different dynamics. On the one hand indexes are under the pressure of the political crisis in Greece, but on the other hand the ECB within the program LTRO has provided loans to banks at 129.8 billion euros, more than the previous round of the program when it has been provided 82.6 billion. In addition, the positive was the news on the growth of retail sales in the United States. Today, investors are disappointed by the statistics from the US. Industrial output in the euro area rose by 0.1% in October, which is 0.1% worse than forecast, and the level of employment in the 3rd quarter increased by 0.2%. We maintain our medium-term negative outlook for European stock markets.
Asia-Pacific markets were moving in different directions today. Thus, Japanese indexes have been supported by the weakening of the yen and the data on the growth of industrial production in the country in October by 0.4%, compared with an expected growth of 0.2%. At the same time, the growth of industrial production in November in China slowed to 7.2%, against 7.7% in October. Acceleration of growth in retail sales in the country by 0.2% to 11.7% and an increase in lending to 853 billion in November, could not compensate the negative on the Chinese market. Iron ore prices and the overall negative sentiment continue to put pressure on the Australian market. We maintain our medium-term negative outlook on most markets in the region.