American stock markets fell in the last trading session of the week despite the positive macro data. Thus, the consumer confidence index rose to 84.6, compared with an expected 83.2, while retail sales rose in August by 0.6%, which is 0.3% better than expected and the previous month. Investors fear a significant correction on stock markets due to their overvaluation and the end of quantitative easing in October. In addition, the Fed could announce this week about the earlier timing of interest rate hikes. Today we should pay attention to data on industrial production in the United States. We maintain a medium-term negative outlook for the American market.
European indexes were little changed in the last session of the week. Support for investors was the news on the growth of industrial production in the euro area by 1.0% in July against the expected growth of 0.6%. The UK market is under the pressure of waiting for the results of the referendum on Scottish independence. House price index in the UK today showed an increase of 0.9% in September, against a decline of 2.9% in August. Today we should also pay attention to the data on the trade balance of the Eurozone (09:00 GMT). We maintain our negative outlook for the medium term.
In the markets of the Asia-Pacific region is not observed a single dynamic. Data on reduction of the rate of growth of Chinese industry to 6.9% in August, against 9.0% in July had a negative impact on the mood of traders. In Japan today, is a day off, and the Australian index is reduced on the background of data from China, low in iron ore prices and the depreciation of the national currency. We expect a further decline in the markets of the region. The Japanese index can be supported by new stimulus from the Bank of Japan.