The expectations of strong sales on Cyber Monday led to strong growth at the US stock markets.

The quotes of technology companies offset a significant drop last week. Positive dynamics of oil prices also supported the papers of energy companies. Investors were also preparing for the speech of Fed Chairman Powell and the meeting of the leaders of the United States and China at the G20 summit at the end of this week.

The next day the markets continued to grow against the backdrop of Microsoft's stock price hike and hopes for a breakthrough in trade negotiations between the US and China. In addition, the market was supported by the comments of the Fed Vice Chairman, who said that the Central Bank was “much closer” to the neutral rate than it was in December 2015, when the Fed decided to raise rates for the first time since the financial crisis. The Conference Board report on consumer confidence was also in focus. According to the data, the consumer confidence index of Americans declined in November after improving in October. The index now stands at 135.7 (1985 = 100), compared with 137.9 in October. The current situation index rose from 171.9 to 172.7, and the expectations index dropped from 115.1 last month to 111.0 this month.

On Wednesday the growth continued at a more substantial pace. The main reason for this was the statements made by Fed Chairperson Powell, which eased investors' fears that a rate hike could slow the growth of the economy. Powell said that the stakes are just below the levels that are considered neutral at the Fed. However, the head of the Fed noted that, by historical standards, the rates remain low. In addition, as part of his speech, Powell did not dispel expectations regarding another rate increase in December. A certain attention of investors was also attracted by data on the USA. The Commerce Department reported that growth in the US economy slowed in the third quarter, as previously reported, but the growth rate was probably strong enough to keep growth on the path to achieving the Trump administration’s 3 percent goal this year. GDP increased by 3.5% per annum after rising by 4.2% in the second quarter. In addition, the Ministry of Commerce announced that in October, sales of new homes fell to 544,000 units from 597,000 units in September. Economists expected sales to rise to 575,000 from 553,000, originally announced in September.

On Thursday there was slight decline in the markets due to the uncertainty regarding the meeting between the US and China at the G20 summit. The focus was also on the minutes of the Fed meeting, in which it was reported that almost all participants in the November Fed meeting said that another rate increase "may be appropriate in the near future if incoming information on the labor market and inflation will meet expectations."

The week ended with a slight increase. The leading role was played by the expectations of the US-China meeting on the sidelines of the G20 summit. US sales spokesman Lightheiser said he would be surprised if President Trump’s dinner with his Chinese counterpart, Jinping, scheduled for Saturday “was not successful.” Lightheiser’s comments heightened hopes for a truce between the two countries. Investor optimism was also supported by US data, which indicated that Chicago purchasing managers' index jumped to 66.4 points in November after falling to 58.4 points in October. Economists expected the index to drop to 58.0 points.

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