14.01.2015 - The program of quantitative easing in the euro area, can support the stock markets in the region

US stock indexes continued to decline amid falling oil prices despite the positive data on the growth of open vacancies in the United States to 4.97 million against the forecast of 4.86 million. At the same time, the index of optimism in the US small business, which is a major employer in the country rose to 100.4 in December against 98.1 in November. Today, the course of trading will depend on corporate reporting and statistics on retail sales (13:30 GMT), inventories (15:00 GMT) and the publication of the Beige Book (19:00 GMT). We maintain our medium-term negative outlook on the US stock market.

Major European stock indexes rose yesterday against the background of the statement made by the representative of the ECB Kere about the possibility of making a decision to launch a full-scale program of quantitative easing in the Eurozone at ECB meeting on January 22. The UK market showed weak growth on the back of data on the consumer price index in December by 0.5% compared to the same period of last year versus 1.0% in November. This decline is due to the fall in fuel prices. Today, the ECB has received permission to begin a program of asset purchases by the European Court, which should support indexes in the near future and to improve the prospects for growth of indexes in the medium term. We improve the outlook for European stock markets, but note the weak macroeconomic indicators, which continue to put pressure on the stocks of European companies.

Markets in the Asia-Pacific region declined today following the US market. Sharp appreciation of the yen was negatively displayed on the shares of exporters. The growth rate in orders for machinery equipment in Japan declined to 33.8% in December against 36.6% in November. The positive trade balance of China released yesterday had a short-term positive effect. Commodity prices continue to fall. Thus, the decrease in quotations of copper to its lowest level since 2009, has led to the fall of the stock market in Australia. We maintain our medium-term negative outlook on the markets in the region.

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