FUNDAMENTAL REVIEW 15.10.12

 

The market continues to consolidate

 

Financial markets continue to move in a fairly narrow range, but still not getting clear signals. Lethargy in the markets is defined by the absence of bright and noticeable change for the better in the euro zone, the weak U.S. economic recovery, as well as a slowdown in economic growth in China. In addition, the markets do not see the incentive to uneven corporate reporting companies. And above it all "hang" the U.S. presidential election, in which there is still a big affair.

 

In the currency market, and all without any changes. Consolidation period, which began in September, is continuing. Announced Fed stimulus program QE3, while the market did not bring a significant amount of money. And besides, it continues to be severely criticized by colleagues Bernanke on the Federal Open Market Committee (FOMC), which said that the decision was a failure and did not bring anything useful in the real economy.

 

We can say that the activity in the markets will be significantly lower, and only, in our view, it is possible after the elections in the United States to see significant movement.

 

Events today:

Moscow time

11.15 Switzerland PPI September n / a; 0,3% m / m and 0.5% m / m

16.00 U.S. President's speech the New York Fed U.Dadli

16.30 U.S. retail sales excluding auto sales in September n / a; 0,6% m / m and 0.8% m / m

16.30 U.S. retail sales in September n / a; 0,7% m / m and 0.9% m / m

16.30 U.S. index of business activity in the industry FBI in New York in October n / a; -4,5; -10,4

18.00 U.S. stocks in volume of business in August n / a; 0,5% m / m and 0.8% m / m

18.30 The report of the Bank of Canada, Canada's economic conditions and business prospects

20.45 U.S. President's speech Richmond Fed Dzh.Lekera

23.20 Presentation Canada Governor of the Bank of Canada M.Karni

 

Sergei Kostenko