Reporting JP Morgan and Intel has given new impetus to the growth of stock markets. The Dow had struck a key milestone in § 10000, while the dollar and treasuries continue to fall amid growing investor appetite for risk. At a weaker dollar and rising prices for raw materials rally in the domestic market will continue today. Russia's indexes have been steadily on the opening break highs in 2009.
In the U.S. trading session, the Dow had struck the psychologically important level in Section 10000 and closed at around 10015 n. (1,47%). SP index rose yesterday to 1.75% to 1,092 p. The continuation rally on the American market contributed to yield strong reporting technology based companies and banks. Financial results and forecasts Intel surpassed expectations, and experts point to the recovery of demand for the products of the company to pre-crisis levels. As shown Reporting JP Morgan, the bank's profit increased by 8 times compared with last year's rate to 82 cents per share, which gave a powerful impetus for the growth market of the banking sector.
strong statements the leaders of American stock market has overshadowed the macroeconomic statistics. The end of the program of state support auto industry retail sales in the U.S. fell in September to 1.5% from revised downward in August increase of 2,1%. However, except for vehicles sales rose, with stronger than expected forecasts: growth was 0,5%.
At the same time, import prices had been marked by weak growth - in September they rose by 0,1%, significantly below the August jump in 1,6%. Despite the very modest increase in import prices, it should be noted that it has lasted six months and is currently among the components rising in price leads neenergetiecheskie products, which speaks about the signs of inflation. However, the fight against price pressures - the theme for subsequent years. At present, import prices in the United States remains at 12% below their 2008 levels.
Minutes of the Federal Reserve last month, added optimism to investors. Despite recent statements Fedrezerva head Ben Bernanke's willingness to begin tightening monetary policy if the economic situation improves, a number of members of the Federal Open Market Committee expressed support for expansion of programs to repurchase the bad assets. Thus, the Fed is no consensus on the strategy and time away from ultrasoft monetary policy and, apparently, the semi-annual horizon, the Fed is unlikely to go on its tightening. Another thing is that the expansion of programs for the repurchase of mortgage assets on the background of strong statements of banks may look like pure speculation, devoid of meaning. In any case, while liquidity in the global market is not in danger.
In the coming days, the outflow of capital from the protection of assets continue. Against the backdrop of rising inflationary expectations, as well as investors reassess the prospects of raising the stakes of the world's leading central banks, treasuries yield on the outcome of our assessment must reach levels of 3,60-3,80% annual vblizhayshie one to two weeks. In part, this will take into account market expectations for a potential change in the Fed's monetary policy next year and the prospects for the compression of liquidity. However, upon reaching critical milestones, capital flows should cease, that would deprive the stock of money feeding grounds and may lead to profit-taking by investors and correction. However, amid the prospects for maintaining high levels of liquidity is unlikely to be significantly reduced until the end of the year, apparently, a growing trend by global persist.
In Asia, the leading regional indexes grow, receiving support from the strong reporting of JP Morgan and Intel. Index MSCI Asia Pacific adds 1%. Additionally, the flow of funds in the metallurgical sector contributed to increased earnings forecast Posco, which thrown its shares up by 4,5%. The failure of the dollar to 1.4960 per euro and 75.278 to a basket of six currencies provokes reassessment of raw materials, which, as a result is beneficialto mining companies.
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