US stock markets showed moderate growth yesterday on the background of positive statistics on the US manufacturing PMI, which rose in May to 52.8, against 51.5 in April. In addition, investors were pleased by data on the growth of construction expenditures in the United States in April by 2.2%, which is 1.5% better than expected. It is worth noting that construction spending rose to its highest level in more than 6 years and totaled 1 trillion dollars. Today, the course of trading will be affected by the news on volume of factory orders in the US in April (14:00 GMT). We see a lack of strength of bulls for continued growth. The growth potential is small, but we maintain a positive medium-term outlook for US indexes, but in the near future may see a correction.
Major European indexes finished yesterday's trading session with a slight change and completed trades near the previous close. UK Manufacturing PMI was 52.0 in May from 51.8 in April and in the euro area 52.2, against 52.3 in April. Today, investors were cheered by the news on the labor market in Spain, where the number of unemployed fell by 118 thousand in Germany indicator fell by 6 thousand. The main positive for the market was the news on faster growth in consumer inflation to 0.3% in May, against 0.0% in April. The focus is still on the Greek crisis where continues to grow risk of default of the country due to the absence of a compromise on the debt restructuring. We keep medium-term positive outlook thanks to the program of quantitative easing, but we can see a further fall in the near future.
Markets in the Asia-Pacific region did not show uniform dynamics. Shanghai index continues to grow steadily due to yesterday's publication of positive statistics on the growth of the manufacturing PMI in China to 50.2. At the same time, after country has simplified the process of investing. In Japan, was published statistics according to which the investment in fixed assets increased by 7.3% in the first quarter, compared to the same period of the last year. Reserve Bank of Australia pointed to the negative impact of lower commodity prices and weak growth in world demand. Tomorrow will be published statistics on the growth of Australia's GDP for Q1, which can greatly affect the course of trading. Our medium-term outlook remains positive, but we note the fall of the potential for further increase.