16.09.2014 - Markets await Fed statement

American indexes continue to show low volatility in anticipation of the Fed statementon monetary policy, which will be published tomorrow. Negative for the market was the news on falling of industrial production by 0.1% in August, which is 0.5% below the forecast of analysts. At the same time, the index of business activity in the manufacturing sector in New York rose to 27.5, with an expected growth to 16.4. Today the course of trading may be affected by the news on producer price index in the United States (12:30 GMT). We expect that investors will not accumulate positions before the Fed decision. Our medium-term outlook remains negative.

The European indexes as well as the American practically did not change yesterday. On the one hand investors are supported by expectation of positive result of stimulus measures by the ECB, but on the other is a serious risk of a referendum on Scottish independence, which will be held on 18 September. Yesterday, investors were disappointed by the data of reduction in the trade surplus of the Eurozone to 12.2 billion, which is 3.7 billion worse than the forecast. Today we should pay attention to the data on inflation in the UK (08:30 GMT) and business sentiment of the Eurozone in September (09:00 GMT). We maintain a medium-term negative outlook for the markets in the region.

Markets in the Asia-Pacific region fell today despite the expected successful placement of Alibaba. Chinese investors are still disappointed by weak data on the industry in the country. Today, also became known that the volume of foreign direct investment in the country fell in August by 1.8%, against a drop of 0.4% in July. Reserve Bank of Australia pointed to the risks of a sharp rise in housing prices, which can lead to increase of rates by the regulator. Strengthening of the yen, slightly weakened the Japanese market. We expect fall of stock indexes in the region in the medium term.

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