U.S. stock indexes practically did not change yesterday due to the statement of the head of FED on the possibility of an earlier rise in interest rates that will depend on the macroeconomic indicators. Business inventories in May increased by 0.5%, which is 0.1% less than the forecast, while retail sales in June rose by only 0.2%, against the forecast of growth by 0,6%. Today, the focus will be on statistics on industrial production (13:15 GMT) and the publication of Beige Book (18:00 GMT). Medium-term outlook for the U.S. market remains negative, but we do not exclude the continued growth in the near future.
Dynamics of trading on European stock markets yesterday depended mainly on news from the USA. Thus, the Fed chairman said about the need to continue to stimulate the economy, given the weakness in the labor market, but also noted the possibility of rising interest rates sooner than expected in case of growth of macroeconomic indicators. Negative for the market have also become data on the index of business confidence of the euro area, which fell to 48.1, with an expected growth to 62.3 in July. Today the course of trading will be affected by data from China and the trade balance of the euro area (09:00 GMT). Special attention should be paid to the statistics on the labor market in the UK (8:30 GMT). We maintain medium-term negative outlook for European markets.
Markets of Asia-Pacific region ended the trading session near the previous close levels. The main event was the publication of data in China. Thus, the second quarter GDP growth accelerated to 7.5% against the forecast of 7.4%, industrial production accelerated in June to 9.2%, against 8.8% in the previous month. At the same time home sales fell in the first half to 9.2%. Despite this, the markets in the region showed no growth due to concerns about the further growth of stock markets in America. We maintain medium-term negative outlook for the markets in the region except for the Japanese indexes.