The onset of week on stock markets promises to be volatile: the publication of statistics on U.S. GDP and corporate reports, as well as meeting the Federal Reserve, which, as many expect, should shed light on prospects for U.S. monetary policy will contribute to increased tensions on financial markets.
Financial markets late last week were under the impression made by U.S. President Barack Obama”s proposal to impose restrictions on risky transactions of banks, and impose their new tax, designed to restore the treasury about $ 90 billion
In addition, approaching mid-season corporate reporting can be said that, the fact that the results of U.S. companies do not justify a positive expectation of rapid economic recovery, thus forcing investors to withdraw money. Finally, the Greek problem once again reminded of the vulnerability of the financial system, and on the sovereign level, shaking her severe shocks, larger than in the case of bankruptcy of Lehman.
Influenced by splashing out on the market a negative U.S. stock indexes on Friday declined by 2%, losing, thus, almost 5% in three trading sessions. The Dow fell on Friday at 2.09% to 10,172.98 on, the index SP - on 2,21% to 1,091.76 p. In the course of trading mostly playing off Obama”s innovations and possible slowdown of China”s economy against the backdrop of the Government imposed restrictions in the banking system. Outsiders again become banks, despite the good reporting Goldman Sachs and Wellsfargo, which appeared yesterday. The results of Google and GE, slightly exceeding analysts” forecasts were not able to change the direction of trades. In addition to all, a weak oil demand and reduce load refineries, as well as falling demand for raw materials caused by fears of cooling China”s economy, have led to sales of oil futures and metals, landslides shares of mining companies.
Today in Asia, leading indices continued their retreat, though, after continuing for six days of correction, its scope has greatly decreased. MSCI Asia Pacific Index lost 0.6% today. Under attack are banks and exporters, who now has played against the strengthening of the yen against the dollar. Also look worse than the market metallurgists, which presses the correction in commodity markets.
In general, we expect a very volatile week. On Monday and Tuesday we do not exclude a technical recovery index, which can be continued if Ben Bernanke on Wednesday after the Fed meeting and assured market in the specialty course chosen policy of cheap money.
On Friday, waiting for us another important publication - data on U.S. gross domestic prodc06uct, which will be supplied to original Subtotal corporate reporting. We believe that the Friday data may show the economy has slipped States in October-November, which has already been seen on the report for the third quarter, which, with specification of the September data was revised downward.
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Forex on the European session
In the near future on the market is most likely countervailing dynamics and the increased volatility of trading