USA: the market in thoughts

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On Wednesday, 19 September, the stock market of the United States finished trading session with moderate growth of the main indexes on a basis of quite good data on the housing market for August. Let’s remind that 3 main indicators were published yesterday: the number of the new constructions of houses increased from the reconsidered 0,733 million to 0,750 million – this is the strongest growth for 2 years ; the number of licenses for construction of houses was reduced from 0,811 million to 0,803 million though more serious reduction was expected; sales of houses in the secondary market increased from 4,47 million to a two-year maximum – 4,82 million though the increase only to 4,55 million was expected. Despite visible improvement in comparison with July, these data didn’t cause full-scale rally – FRS meeting already behind, and the central bank already declared start of the new program of monetary stimulation. Let’s note that originally indexes showed more considerable growth, but subsequently retreat of oil and gas sector in addition to falling prices for “black gold” moderated appetites of bulls.
The external background for the American session was rather favorable, Asian and European indexes grew against unanimity of the central banks in respect to start additional measures of quantitative mitigation – the Bank of Japan declared impressive extension of the program of purchase of assets, having followed the lead of European Central Bank and FRS which recently have also laid out all the trumps on a table. The central bank of Japan increased the program of purchase of assets more considerably, than assumed the majority of economists, and determination of the monetary authorities caused lifting of purchasing enthusiasm.
More briskly recently the situation changes in the raw materials market that makes the muffled impact on behavior of stock market. The world prices for oil on Wednesday again sharply decreased against messages that Saudi Arabia offered the major customers additional supply of oil until the end of the year, having expressed intention to bring down a speculative rise in prices for a “black gold”.
Confirmation of increase in oil deliveries to the world markets was sudden and strong growth of commercial stocks of oil in the USA which accordingly to the data published yesterday grew in a week at once by 8,5 million barrels while the market waited growth of this indicator by 1 million barrels.
After three days of falling oil prices in aggregate more than for 7 % – that became maximum for the last three months, it is possible to expect some rebound. Nevertheless, it is impossible to exclude that on the threshold of November presidential election in the USA actions of market’s “invisible hand” will provoke further sag of the prices for “black gold”.
Futures for share indexes of the USA this morning lose 0,2-0,3 %. At stock markets in Asia mainly negative dynamics is noted.

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