29.09.2016 - Rising oil prices supported the optimism on the stock markets
American stock indexes showed modest growth after was published the data on the volume of orders for durable goods that in August showed zero growth compared with a forecasted decline by 1.0%. Janet Yellen yesterday noted the positive dynamics in the banking sector and the country's labor market, reinforcing the confidence in the Fed raising interest rates before the end of this year. Today, it is worth paying attention to the final report on the growth of US GDP in the second quarter, as well as the country's trade balance (12:30 GMT). Oil prices are now corrected after strong growth yesterday, caused by the intention of OPEC to reduce oil production to the level of 32,5-33,0 million barrels per day, compared to the current 33.24 million barrels per day. Our medium-term outlook remains negative, and growth potential in the coming days is minimal.
European stocks showed gains amid the recovery of shares of the banking sector, as well as the growth of the commodity sector stocks, after OPEC decided to cut oil production. Mario Draghi during a speech yesterday said that the stimulus measures by the ECB helped to avoid a new "Great Depression." Today in Germany, was released the data on the number of the unemployed, which increased by 1 thousand. TheBritish market was supported by strong data on lending. Thus loans granted to individuals in the country rose to 4.5 billion vs. predicted 4.0 billion. Tomorrow we should pay attention to the statistics on retail sales in Germany, as well as inflation and unemployment in the euro area. Our medium-term outlook remains negative.
Markets in the Asia-Pacific region rose due to a sharp growth of quotations of oil after OPEC decided to cut oil production. Support for the Japanese market is the decline of the yen against the US dollar amid falling interest in defensive assets against the backdrop of increasing oil prices, and also due to the deterioration of the statistics on retail sales in the country, which accelerated the reduction to 2.1% in August, which is 0.4 % worse than forecast. Tomorrow in Japan will be published important statistics on unemployment, household spending, inflation and industrial production, which can greatly affect the dynamics of trading. Our medium-term outlook for markets in the region remains negative.