US stock indexes remained almost unchanged yesterday. After the publication of the minutes of the Fed meeting, in which there were hints of earlier raising of interest rates, markets fell sharply, but compensated the loss by the end of the trading session. Investors are waiting for tomorrow's speech by the head of the Fed Janet Yellen at the conference in Jackson Hole, which is one of the main events in the financial world. Today, the course of trading may be affected by the data on the number of initial unemployment claims in the United States (12:30 GMT), as well as existing home sales (14:00 GMT). We maintain a medium-term negative outlook, and expect the correction in the near future.
European stocks declined slightly yesterday. The course of trading has been negatively impacted by the expectations of the speech by the head of the Fed on Friday, where Mrs. Yellen may announce the parameters of the future monetary policy in the United States. In addition, two of the nine members of the Committee at the Bank of England voted to raise interest rates this month that is indicating on more soon monetary tightening by the regulator. Today, trade dynamics will depend on the statistics on retail sales in the country (08:30 GMT). We expect a low level of volatility during today's trading session and keep the medium-term negative outlook for European stock markets.
Investor sentiment on the markets of the Asia-Pacific region is mainly negative. The Japanese market is supported by the devaluation of the currency due to the strengthening of the US dollar. In addition, Japan's manufacturing PMI rose to 52.4 in August, compared with an expected 51.7. The same index in China fell to 50.3, which is 1.2 worse than the analysts' expectations. The Australian market rose slightly on the background of positive data on the index of leading economic indicators, which rose by 0.4% in June, compared with 0.2% in May. We maintain our negative outlook on the stock indexes in the region except for the Japanese which may continue to grow on a background of the devaluation of the yen.