The American stock market showed a decline at the end of the week after the Fed's decision to keep interest rates that reinforces fears about the weakness of global GDP growth. Today, volatility is reduced in the absence of a large number of important macroeconomic data. Thus, attention should be paid only to the data on home sales on the secondary market (14:00 GMT). Investors are waiting for news on the volume of orders for durable goods and the final report on the growth of US GDP in the second quarter, which will be released on Thursday and Friday. Our medium-term outlook remains positive.
European stocks showed a strong decline amid growing concerns about the weakness of the global economy after the Fed's decision not to rush to raise interest rates. Data on the growth of the euro area balance of payments surplus to 22.6 billion against the expected 21.3 billion failed to improve sentiment. Tomorrow we should pay attention to the data on the index of consumer confidence in the euro area and factory orders in the UK. After stabilization of the markets of the region and the world, we expect the resumption of growth, which will be supported by a program of quantitative easing in the Eurozone.
Markets in the Asia-Pacific region continue to show instability, which worried investors around the world. The Japanese market will be closed until Wednesday due to public holidays in the country. Tomorrow will be published statistics on the index of leading economic indicators in China, but the central event of the week will be the release of a report on China's manufacturing PMI. Our medium-term outlook remains positive, but the market volatility is likely to continue in the near future and will deter investors from buying.