Major U.S. stock indexes were unable to gain a foothold above historical highs and corrected downwards. Statistics on producer price index growth by 0,6% in April vs. expected 0.2% did not strongly influence the mood of traders. Today the course of trading can be influenced by the data on the labor market, the consumer price index (12:30 GMT) and industrial production (13:15 GMT). Considering the end of the season of corporate reporting and the lack of new drivers for growth, we expect the market correction and keep a long-term negative outlook on the U.S. indexes.
European stock indexes practically have not changed by the results of yesterday's trading session. The UK market fell slightly, despite the decline in the unemployment rate to its lowest level since February 2009 - 6.8%. Today the course of trading can be influenced by the data on GDP growth in the 1st quarter in France - 0.0% against the forecast 0.4%, Germany - 0.8%, which is 0.1% better than expected and the Eurozone (09:00 GMT). We should also pay attention to the data on consumer price index in the Eurozone (09:00 GMT). We maintain a long-term negative outlook for European indexes, and expect continued downward correction.
Asian markets show multidirectional dynamics. In China, investors are trying to assess the government's reform aimed to simplify the access of foreign capital into the country and to support trade. In Japan, the stock market falls on the negative reporting of Sony and the strengthening yen. Investors ignored the country's GDP growth at 1.5% against the forecast 1.0% in Q1. The Australian market is slightly reduced due to general negative mood on the markets. We maintain a long-term negative outlook on the stock indexes in China, Japan and Australia.