The US stock market yesterday has shown growth. Decrease in quotations of biotechnology and energy sector was offset by an increase of technology stocks. Statistics on sales of existing homes in the US disappointed investors. Thus, the number of homes sold fell to 4.93 million in November, against the forecast of 5.21 million. Today we expect a strong increase in volatility against the publication of data on durable goods orders, and US GDP growth in Q3 (13:30 GMT). We also should pay attention to data on the index of consumer confidence (14:55 GMT) and new home sales in November (15:00 GMT). Our medium-term outlook remains negative.
European stock markets rose yesterday on the background of the positive sentiment on global stock markets. European investors continue to monitor the situation in Greece, where continues the political crisis and Prime Minister Antonis Samaras is trying to get support in the presidential election. Vice President of the ECB Constancio said about the probability of deflation in the euro area in the coming months, which could lead to the launch of quantitative easing in the Eurozone. UK GDP grew by 0.7% in Q3, which coincided with forecasts of analysts, and business investment over the same period decreased by 1.4%, which is 2 times worse than the forecast. Tomorrow in several European countries is a holiday. We maintain our medium-term negative outlook for European indexes.
Markets in the Asia-Pacific region showed a decline today after the growth yesterday. The Japanese market is closed today due to the holiday. The growth on commodity markets appeared short-term and investors are still negative about the outlook for growth in the markets because of the crisis in the construction sector in China. Australian indexes are under the pressure of deterioration of the trade balance, reduction in investment in the mining sector and the weak recovery in the labor market of the country. We maintain our medium-term negative outlook on the markets in the region. According to our forecasts decline is likely after Christmas.