Markets Await Release Of US Data

Again the markets appeared under pressure of the expected reduction of QE3. Investors expect that the Fed will make the decision to reduce the volume of the program of quantitative easing at the meeting of the FOMC in December. The question of reduction of the program of quantitative stimulation will be discussed at the Fed meeting, which will take place on the 17th-18th of December, which was declared by the chairman of the Federal Reserve Bank of Atlanta, Dennis Lockhart. He does not have a voting right and didn't express his opinion regarding QE3 program reduction, however, he declared that if the decision will be taken, it is worth beginning to think about the US economic recovery.

The block of statistical data which was published yesterday was negative, from the point of view of a toughening of the policy by the Fed. In the 3rd quarter, the economy of the US showed maximal levels of growth since the beginning of 2012. Gross domestic product of the country grew by 3.6%, though earlier it was reported about growth of only 2.8%. Analysts expected revision of growth of the American gross domestic product to be 3.1%. The number of demands for unemployment benefits in the US last week was reduced by 23,000 and made 298,000, expected growth being at 4,000. Today we expect important data on November unemployment in the US. These figures are going to be the main influencing factor which is going to set the mood of investors until the upcoming Fed meeting.

Nevertheless, the spirit in the Asian markets since the morning was moderately positive. The MSCI Asia Pacific index rose by 0.2%. Nikkei added nearly 1%. Yesterday, European stock markets drifted in neutral territory at the opening of the trading session, but by the end of the day, the American statistics and Draghi’s statement pushed them to go down. FTSEurofirst 300 lost 0.96%, IBEX index in Spain decreased by 1.56% and FTSE MIB in Italy lost 1.75%. The bank of England and the European Central Bank left interest rates without change. Draghi, also during his press-conference, reported that the European Central Bank is ready to act further, but did not decide yet what kind of actions to choose. Comments of Draghi provoked sharp strengthening of the euro.

This morning, the EUR/USD is traded on a level of 1.3658 points. Brent is up by 0.34% at price of 110.94$, WTI is up by 0.09% at the price of 97.70$. Gold and Silver are flat at the levels of $1231.91 and $19.55 per troy ounce accordingly.