US stock indexes yesterday showed a decline on weak corporate results at IBM, whose revenue continued to decline, and United Technologies, which lowered its forecast for profit for the current year. Today, a drop in prices is likely to continue due to investors' disappointment after the quarterly report from Apple. Today, the course of trading also will be affected by the data on the index of house prices (13:00 GMT) and sales on the secondary market in the US (14:00 GMT). Our medium-term outlook remains positive, but we expect a decline in the indexes in the near future.
Major European stock markets corrected down after strong growth over the previous trading session. Investor optimism was previously due to positive expectations on the Greek crisis, but for the continued growth, the indexes needed the support of strong corporate earnings. Today, the Bank of England voted to keep monetary policy settings. Tomorrow the course of trading will be affected by the data on the index of consumer confidence in the Eurozone and UK retail sales. We expect growth on the stock markets in the region in the near future.
Most markets in the Asia-Pacific region showed a decline due to the fall at the US stock markets. The price growth of the Japanese yen has led to a drop in the value of shares of Japanese companies that sell their products abroad. As a result, investors began to take profits obtained in the previous days. The Chinese market shows a decline of volatility, but for the resumption of sustainable growth, the quotations need more time. Tomorrow we should pay attention to data on the trade balance of Japan. We maintain the medium-term outlook for the markets of the region.