23.09.2014 - On the markets dominates a negative mood

The main American stock indexes yesterday showed a decrease on the background of statements by the Minister of Finance of China and the weak data on the housing market in the United States. Thus, in China said that would not intend to review the economic policy due to the deterioration of the individual indicators. We recall that the growth of industrial production in August slowed to 6.9%, against 9.0% in July. The number of existing home sales in the United States fell to 5.05 million in August, against the expected growth to 5.21 million. It should be noted that the construction sector is the key to the American economy and the deterioration of its performance continues to put pressure on the stock market. Today we should pay attention to the statistics on the house price index (13:00 GMT) and the manufacturing PMI in the USA (13:45 GMT). We maintain a medium-term negative outlook on the American market.

The European indexes showed the fall due to Chinese official’s statement about the intention to leave the country's economic policy unchanged despite the deterioration in the country's industry. In addition, investors took negatively Mario Draghi’s speech in which he noted a significant downside risks to the economy of the region. Negative mood of investors in the United States also had an impact on sentiment of European investors. Today, the course of trading may be affected by the data on the manufacturing and services PMI of the Eurozone (08:00 GMT). We maintain a medium-term negative view on European stock indexes.

Most markets in the Asia-Pacific region fell today against the background of negative sentiment in the United States, where was released the weak data on the labor market, as well as in connection with the statement of the Chinese Minister of Finance with respect to the fact that China does not plan to revise the policy due to the deterioration of certain macroeconomic data . It is worth noting that today was published data on the manufacturing PMI, which in September rose to 50.5, against the forecast of decline to 50.0. In Japan today, is a banking holiday, and the support of the Australian market had Chinese data. Our outlook for the markets in the region remains negative.

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