U.S. stock markets reached historical highs after the statement of the Federal Open Market Committee on the reduction of its asset purchase program by 10 billion to 35 billion. In addition, interest rates have remained at the same level, but the Fed said that interest rates will rise to 1% next year and to 2.25% in 2016. Long-term interest rate expectations have been reduced by 0.25% to 3.75%, which casts doubt on previous expectations of growth of the world's largest economy. Today the course of trading can be influenced by the data on the labor market (12:30 GMT) and the index of business activity in the manufacturing sector of Philadelphia (14:00 GMT). Considering the fact that the indexes renewed highs, we expect that growth can continue, but keep medium-term negative outlook.
European stocks yesterday have not changed due to the expectation of the Fed statement on monetary policy. Little impact on the course of trading had a statement of the Bank of England, which kept interest rates at 0.50% and said that the economy is accelerating, and the strong pound helps to fight inflation. We expect growth on European stock markets in the near future, but in the medium term, we can see a substantial correction.
Markets in the Asia-Pacific region are moving in different directions. Thus, Japanese investors continue to buy stocks on the background of devaluation of the yen, despite the fall in business activity index by 4.3% in April that is 0.6% worse than expected. Investors got used to negative data in April after increasing the sales tax by 3% to 8%. The Australian market is growing after copper prices exceeded two-week high and iron ore rose to more than $ 90 per ton. The Chinese market still decreases against falling in the housing market. We expect further growth in the Japanese market and the reduction of the stock indexes of China and Australia in the medium term.