23.08.2016 - Investors are waiting for news from Jackson Hole
American stock indices slightly changed on Monday amid lack of important news in the United States. In addition, investors are in no hurry with action before the speech of the Fed chief at symposium in Jackson Hole. In case of hawkish rhetoric of Janet Yellen on Friday, we will see a decline on US markets. Today, the dynamics of trading will affect the news on new home sales in the US, which is an important macroeconomic indicator capable of leading to an increase in volatility. We expect consolidation in the next few days and keep the medium-term negative outlook with the potential of reduction by 10-15%.
European stocks rose today. In the euro area was published data on the service and manufacturing PMI, which totaled 53.1 and 51.8 respectively, against forecasts of 53.0 and 52.1. The balance of production orders in the UK in August totaled -5 vs. predicted -9. Tomorrow will be released the final data for GDP growth in Germany, but investors will be waiting for important news from the US on Friday. Our medium-term outlook remains negative and we expect continuation of reduction of price in the near future.
Markets in the Asia-Pacific region practically have not changed. The fall was recorded in Japan, due to the increasing demand for defensive assets, which caused a strengthening of the yen. Positive statistics on the growth of the manufacturing PMI in Japan to 49.6, which is 0.1 more than the forecast could not change the mood of investors. On Friday, will be released the data on consumer inflation in Japan and important news in the US that will lead to increased volatility. In the coming days it is worth paying attention to the situation in the commodity markets. Our medium-term outlook remains negative.