American stock markets yesterday continued to fall against the backdrop of negativity associated with the fall of the stock markets in China, amid fears of weak market support by the Chinese authorities. Negativity from China was partially offset by data on orders for durable goods, which grew in June by 3.4%, which is 0.2% better than the forecast of analysts. Today, the dynamics will depend on the statistics on the index of house prices (13:00 GMT) and consumer confidence (14:00 GMT). Investors are waiting for tomorrow's Fed statement on monetary policy and the publication of data on GDP growth for the second quarter. We expect the decline in US markets in the near future amid weak corporate earnings and maintain the medium-term positive outlook.
European stocks fell yesterday against the backdrop of a sharp decline of the Chinese stock market. Investor sentiment improved slightly in connection with the release of positive statistics on the index of business sentiment in Germany, which rose to 108.0 in July, compared with 107.5 in June. Today was published a preliminary report on the GDP growth in the UK according to which the economy grew by 0.7% in the second quarter, against 0.4% in the first. European investors are waiting for tomorrow's Fed statement on monetary policy. Our medium-term outlook for the market in the region is positive due to the favorable impact of the weak euro and the quantitative easing program.
Markets in the Asia-Pacific region today showed different dynamics. Chinese markets opened the trading session with a strong decline, but then recoup some losses. It is worth noting that the government tried to reassure investors and announced their intention of further easing of monetary policy to support growth in the stock market. Japanese indexes closed near the levels of the previous day. Tomorrow the course of trading will be affected by retail sales in Japan, but the focus will be on the statement of the Federal Open Market Committee in the United States. We keep medium-term positive outlook.