Yesterday moderate growth of global stock markets continued. The energy and oil refining sectors are still in growth vanguard. Europe has gained slightly in the absence of economic data. (CAC + 0,41%, FTSE + 0,62%, DAX + 0,27%) US market updated historical highs, although trading volumes were still below average and growth was minimal. DOW and SP moved above psychological round levels. Index of the largest US retailers (Red Book) for november decreased by 0.1%, the value of year-to-year growth was 1.0% (Dow + 0,35%, SP + 0,22%, Nasdaq + 0,33%).
Today's trading in Europe is a kind mixed. Metals & Mining sectors keep on gaining on strong commodities market. European mining sector has grown for more than 12% this month. In Europe, BP PLC shares rose 1%, Rio Tinto PLC added 1.5% and BHP Billiton PLC jumped 2%. The banking sector remains under pressure amid Italian banks concerns. US indices futures trade in neutral way.
In Europe business activity index in the manufacturing sector (PMI) Eurozone, 53.7 in November, while analysts had expected 53.3. Business activity index in the euro area services sector, 54.1 in November, while analysts had expected 53.0.
Earlier in Asia, most Asian stock markets closed in the green, reflecting the dynamics of the US stock exchanges. Looks like Investors of the region share the optimism about the outlook of the world economy. Many investors believe that the world economy is strong enough to withstand coming higher interest rates in the US. Besides for now, the main beneficiary of new US president election is Asian markets. Trump promised to increase spending in infrastructure, which will raise the world price of steel and cement. The demand for commodities, especially copper, will also support Asian markets, and Australian market and Australian dollar in particular. In Australia, BHP Billiton and Rio Tinto rose 2.6% and 2.2% respectively, while the Korean steel producer Posco added 1.6%. The Asian market is closed today (S P ASX 200 + 1,31%, Shanghai Composite -0,22%).
Yesterday, Brent oil market touched $ 50 per barrel. Though then the immediate rollback followed. Contrary to general expectations, OPEC meeting in Vienna ended without results. Today, the oil market try to stabilize at $ 49.30 per barrel. AP statistics also added no optimism as the data showed large decline in crude oil inventories. Today, the market will focus on official data on US crude inventories. We expect that oil will now consolidate on current levels with the possible decline if official data will be strong.
The moderate growth in global stock markets continues. US indexes have updated historical highs. While the US dollar remains above 100 points, further US dollar gains seems to be difficult. Today, we will focus on US oil, last Fed meeting «minutes». Tomorrow, the markets will be closed due to Thanksgiving Day. On Friday, there will be "Black Friday".