American stock markets yesterday showed a strong growth on corporate reports of Caterpillar and 3M. In addition, data on initial claims unemployment were worse than the forecast of 269 thousand and made 283 thousand, which is quite a good level for the United States labor market. At the same time, the index of leading economic indicators in the United States in September rose by 0.8%, in line with the analysts' forecasts and manufacturing PMI fell to 56.2, which is 1.0 less than the forecast of experts. Today, the focus will be on the data on new home sales in the United States (14:00 GMT). Despite the current positive trend, the stock markets are under the pressure of weak indicators in Europe and Asia. We maintain a medium-term negative outlook on the American market and today may see the fixation of long positions before the weekend.
European stocks rose yesterday, despite the weak corporate reporting of a number of large companies. The reason for optimism was the data on the growth of the manufacturing and services PMI in Eurozone to 50.7 and 52.4 respectively, which exceeded analysts' expectations. The UK market was under the pressure of the fall of retail sales by 0.3% in September, against a growth of 0.4% in August. Today, trade dynamics will depend on the statistics on consumer confidence in Germany, which rose by 0.1 in November against the previous figure of 8.5. We should also pay attention to the preliminary data on GDP growth in the UK (08:30 GMT). We maintain a medium-term negative outlook for European stock markets.
Markets in the Asia-Pacific region today have not changed much except for the Japanese stock market, which has shown steady growth amid a weakening of the Japanese yen against the dollar. Investors have been pleased by the data on the growth of the index of leading economic indicators in China in September, which rose by 0.9% against the previous figure of 0.7%. Positive data from the euro area was not able to improve the general mood of the market and investors are in no hurry to accumulate positions before the release of data on GDP growth in the United States in the 3rd quarter, which will be published next week. We maintain a medium-term negative outlook on the stock indexes in the region.