17.01.2014 - The fall of the American market is likely to continue
American stocks in recent weeks show a decline on concerns about future growth of the world economy. Thus, the main risks for American GDP growth are slowing growth in China and weak macroeconomic indicators in the euro area, which are deteriorating due to the Ukrainian crisis. Data on decrease of the number of initial applications for unemployment to its lowest level in 14 years - 264 thousand is a sign of a sustained improvement of the situation in America. In addition, the corporate reporting season is passing amid fairly positive results. Despite this, the risks associated with Europe, Japan and China, as well as the completion of a program of quantitative easing lead to further decline American indexes. We expect a further decline in the index in the United States and maintain a medium-term negative outlook.