19.02.2015 - US indexes cannot overcome the historical highs

The US stock market closed the trading session near the previous close. To overcome historic highs is needed a strong incentive. Minutes of the previous meeting of the Federal Reserve indicated that interest rates will not go up in the next two Fed meeting. US industrial production rose by 0.2% in January, which is 0.3% worse than analysts' forecasts. Today, the course of trading will be affected by the labor market data (13:30 GMT) and the index of business activity in the manufacturing sector of Philadelphia (15:00 GMT). Our medium-term outlook for the US market remains positive, but we expect a fall in the near future.

USSPX500 in January 2015

Major European markets showed a slight increase on expectations of resolving the situation with the debt crisis in Greece. British stock market showed no growth despite the positive data on the labor market in a country where unemployment fell to 5.7%, which is 5.8%. Today the negative have become news on the euro area balance of payments, which in December totaled 17.8 billion dollars, compared with an expected 23.3 billion. Tomorrow the course of trading will be affected by the data on manufacturing and service PMI in the Eurozone. The focus remains on the Greek crisis and the situation in the east of Ukraine. We maintain our positive outlook for the medium-term due to the future launch of quantitative easing in the Eurozone.

Markets in the Asia-Pacific region showed mixed trends. In China, started to celebrate the New Year and the country's markets will be closed until 24 February. The Australian market is under pressure from falling commodity prices. Tokyo market showed a slight increase on the background of positive statistics on the country's trade balance deficit which decreased to 0.41 trillion yen, against the expected 0.95 trillion yen. We expect reduced activity at the end of the week and keep a positive medium-term outlook for markets in the region.

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