Last closure
On Wednesday, September 17, trades in USA have come to the end with growth, after central bank pledged to keep interest rates low for a “considerable time.” Fed’s statement said the economy is expanding at a moderate pace and inflation is below its goal. It maintained a commitment to keep interest rates near zero for a “considerable time” after asset purchases are completed in October. Fed officials raised their median estimate for the federal funds rate at the end of 2015 to 1.375%, compared with 1.125% in June. The rate will be 3.75% at the end of 2017, the Fed said. “The labor market has yet to fully recover,” Yellen said. “There are still too many people who want jobs but can’t find them.” She added that “inflation has been running below the committee’s 2% objective.” In July, the Fed said inflation was “somewhat closer” to its goal. Consumer Price Index dropped 0.2% last month as a broad decline in energy prices offset increases in food and shelter costs. It was the first decrease since April last year and followed a modest 0.1% gain in July. Economists had expected consumer prices would be flat in August. The U.S. current account trade deficit narrowed slightly in the April-June to $98.5 billion in the second quarter, down 3.5% from the revised $102.1 billion deficit in the January-March period. On the day’s result, index Dow Jones rose by 0.15%, S&P has increased by 0.13%, Nasdaq grew by 0.21%.
European stock exchanges closed with mixed dynamics of main indexes. Investors are cautious before day of campaigning over Scotland’s future in the U.K. Three polls last night showed the anti-independence group leading the Yes campaign by 52% to 48%, excluding undecided voters. Consumer price inflation in the euro zone rose by a seasonally adjusted 0.4% last month, up from a preliminary estimate of 0.3%. Euro zone inflation rose by 0.4% in July. The rate remains firmly below the European Central Bank's target of near but just below 2%. U.K. unemployment fell to the lowest in six years, indicating continued strength in the labor market. The jobless rate based on International Labor Organization methods dropped to 6.2% in the three months through July from 6.4%, a bigger decline than economists forecast. A separate measure for August put the claimant count rate at 2.9%. Both are at their lowest since 2008. On the day’s result, British FTSE has declined by 0.17%, CAC 40 (France) grew by 0.50%, DAX (Germany) has increased by 0.30%.
Octobers’ contractual price on Brent oil, decreased by $0.08 to $98.97 per barrel.
In Ukraine
Trades on the Ukrainian stock exchange opened by decrease, day passed with negative dynamics. Value of the UX index has declined by 2.72% to 1057.40. Share trades capacity on the application market was equal to UAH 14.4 million. Trades capacity on the derivatives market was equal to UAH 7.9 million. Total trades capacity for yesterday — UAH 47 million.
All ten shares of an index basket retreated. Worse than market looked shares of Alchevsk Metallurgical Plant (-7.63%) and Krukivsky Carriage Works (-4.29%).
The holders of Ukrainian bonds could lose around 35-50% of their invested funds if Ukraine uses the restructuring of the state debt, according to analysts from Goldman Sachs. Ukraine's Minister of Energy and Coal Industry Yuriy Prodan has stated that there has been a reduction of Russian gas transit through Ukraine and Slovakia via the Uzhgorod corridor by 25%.
Premarket
External background at the opening is neutral. Japan's trade deficit narrowed slightly to ¥948.5 billion ($8.75 billion), compared with a revised ¥971.4 billion a year ago, and better than a deficit of ¥1.028 trillion predicted by economists.
The Asian indexes are showing mixed dynamics today. Nikkei rose by 1.13%, Hong Kong Hang Seng declining by 1.05%.
Futures on American indexes are slightly changing today from -0.04% to +0.06%.
Russian indexes as of 10:01 AM are decreasing — MICEX decreasing by 0.04%, RTS growing by 0.06%.
Our expectations
We expect opening of the Ukrainian market on neutral territory.
In Europe will be published retail sales in the U.K. (11:30 AM).
In the U.S. will be published initial jobless claims (3:30 PM), building permits (3:30 PM) and Philadelphia Fed Manufacturing Index (5:00 PM).
ITT Investment group
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