The US stock market was closed yesterday because of Thanksgiving Day, and today in the United States is shorter working hours and early next week the market will be able to evaluate the statistics on the volume of sales during the "Black Friday." The volatility is low today. In the coming weeks "Christmas rally" may continue and the index will reach historic highs, but in the focus will remain expectations about the Fed raising interest rates in December. We maintain a positive medium-term outlook for markets in the United States.
European stocks showed a negative dynamics against the background of weak activity of investors, which is caused by the Thanksgiving Day holiday in the United States. Today was published statistics on GDP growth in the UK, which according to the second preliminary report was 0.5% in the third quarter compared with the previous period and 2.3% for the year. Also in November, the index of housing prices in the UK rose by 0.1%, which is 0.4% less than the forecast. Investors positively estimate the likely easing of monetary policy in the euro area through the expansion of the quantitative easing program, or lower interest rates on deposits from -0.20% to -0.30%. We maintain a positive medium-term outlook for the markets in the region.
Markets in the Asia-Pacific region were down today. In Japan was published important statistics on the unemployment rate in Japan, which fell to its lowest level since 1995 - 3.1%. At the same time, household spending fell by 2.4% in October, while core consumer price index for the year decreased by 0.1%, in line with analysts' forecasts and was due to lower energy prices. On Monday, the dynamics will depend on the news on retail sales and industrial production in Japan, and sales of new homes in Australia. The growth potential of the markets in the region dropped, but we maintain a medium-term positive outlook.