US stock indexes remained virtually unchanged yesterday and continue to move near important resistance levels. The absence of important macro and expectations of today's release of GDP data in the United States in the second quarter resulted in low volatility on the market. In addition the course of trading may be affected by the data on the number of initial unemployment claims in the United States. At the moment, we do not see substantial incentives for continued growth, and the market looks overvalued. The catalyst for the beginning of the correction can be worsening of the geopolitical situation. We maintain a medium-term negative outlook on the American market.
European stocks finished yesterday's trading session with mixed dynamics. German investors were disappointed by the data on consumer confidence, which in September is expected to decrease by 0.3 to 8.6. At the same time, the French market reacted positively to the news of the appointment of a new Prime Minister Emmanuel Macron, who must deal with the stagnation of the economy and reduce the country's budget deficit. Today, trade dynamics will depend on the data on the labor market in Germany (7:55 GMT) and retail sales in the UK (10:00 GMT). Particular attention should be paid to data on GDP growth in the United States (12:30 GMT). We maintain a medium-term negative outlook for European indexes.
Markets in the Asia-Pacific region are down today amid growing fears for the future growth on the American stock markets. Furthermore, again is growing geopolitical tensions associated with the situation in Ukraine. Further dynamics of indexes in the region will depend on the current data on GDP growth in the United States in the second quarter. In addition, tomorrow will be published a large block of macro-statistics on the unemployment rate, the consumer price index, retail sales and industrial production in Japan. We keep medium-term outlook for most stock indexes in the region.