18.12.2015 - Tension on the markets decreased
Yesterday, US stocks declined and offset a significant portion of the previous growth caused by optimistic forecasts for the US economy from the Federal Reserve. Despite this the positive was the data on the US labor market, where the number of initial unemployment claims fell by 11 thousand to 271 thousand, investors were disappointed by data on manufacturing PMI of Philadelphia. Thus, the index fell to -5.9, against expected growth up to 2.1. Today, investors will fix positions after a strong movement in the previous weeks, and in the United States will not be published important statistics. We maintain the medium-term outlook for the US market, but we can review it in the near future.
European stocks decline after strong growth caused by the Fed decision yesterday to raise interest rates due to the strength of the US economy. In addition, investors were pleased by removal of uncertainty on the market related to the expectation of the Fed's decision. In the UK yesterday was published positive data on retail sales, which in November rose by 1.7% that is 1.1% better than expected. Today the pressure on the markets has weak data on euro area balance of payments surplus which suddenly was only 204 billion euros against 32.2 billion forecast. We expect the fixation of positions before the holidays in the coming days. Our medium-term outlook for European equity markets remains positive.
Major stock indexes showed a decline today after the US markets as well as in connection with the statement of the Bank of Japan on monetary policy. So, the Japanese central bank will continue to buy government bonds, but with maturity up to 12 years against 10 years previously. BOJ chairman Haruhiko Kuroda said that the inflation target can be achieved after the second half of 2016. The strengthening of the yen led to decline of Japanese stocks. We expect growth on the markets of the region in the medium term despite the possible continuation of the correction in the near future.