The failure of Donald Trump in Congress turned out to be only a short - term bearish incentive. Last week, major global stock market indices returned to the path of growth. During the whole week, the NASDAQ increased by 1.4%, the S&P500 soared by 0.8% and the DJI went up by 0.3%. In Europe, German DAX increased by 2.1%, French CAC40 took off by 2%, while British FTSE250 fell by 0.1%. Nevertheless, political risk remains active, so it may be very important in a broader perspective. Last week, there were a lot of public appearances of the FOMC representatives. Most of them turned out to be hawkish. In addition, investors learnt plenty of macroeconomic data. This confirmed solid condition of the world’s largest economies. In the US, the releases of the Conference Board Index (125.6 pts.) and the Chicago PMI (57.7 pts.) did not fail.

Despite the lack of strong bearish incentives, major global stock market indices liked the red color last week. During the last five days, the DJI went down by 1.5%, the S&P500 fell by 1.4% and the NASDAQ declined by 1.2%. In Europe, British FTSE250 decreased by 0.6%, German DAX deteriorated by 0.3% and French CAC40 shrank by 0.2%. Attention should be paid to the next pro – restrictive public appearances of the FOMC representatives, which in the eyes of investors were not hawkish enough. In addition, the initially postponed voting of the Congress on health reform was not completed – the proposed law was withdrawn due to the insufficient number of votes. This was quite bad news for the federal budget.

The last week brought a lot of very interesting economic events. The FOMC was in the spotlight. In line with the market consensus, the council raised interest rates by 25 basis points. The public appearance of Janet Yellen was definitely pro – restrictive, however, some investors expected a much more hawkish attitude of the Fed’s president. Thus, all indicated that the FOMC would raise the cost of money two more times in 2017. Nonetheless, the council’s projections did not take account of the potential stimulus package announced by Donald Trump. Its potential implementation may encourage Fed to further hawkish decisions.

Last week, major global stock market indices were dominated by the red color, however, the scale of declines was really small. During the whole week, the DJI fell by 0.5%, the S&P500 went down by 0.4% and the NASDAQ declined by 0.2%. In Europe, German DAX decreased by 0.5%, French CAC40 deteriorated by a symbolic 0.04%, while British FTSE250 rose by 0.4%. This time the ECB Governing Council was in the spotlight. The council did not change the shape of the European monetary policy. After all, during the conference the attitude of Mario Draghi was a little less dovish than usual. As a result, euro appreciated against dollar.

Last week, major global stock market indices were dominated by the green color. During the whole week, French CAC40 increased by 3.1%, German DAX rose by 1.9% and British FTSE250 soared by 1.6%. In the US, the DJI went up by 0.9%, the S&P500 took off by 0.7% and the NASDAQ grew by 0.4%. The market focused on the US. There was a speech of Donald Trump. However, the President once again did not present any specifics concerning his economic promises. After all, the allocution was clearly pro – business, so the market reaction was rather positive. In the meantime, the members of the FOMC managed to significantly affect the market expectations on the monetary policy.