American stock indices ended yesterday's trading session with minimal growth. Investors are in no hurry to build up positions ahead of tomorrow's publication of statistics on the US labor market. Yesterday was published data on construction spending in the United States, which fell by 1.8%, but this fact was compensated by positive data on US manufacturing PMI, which rose to 51.3 vs. previously expected 50.8. Today, the dynamics of trading will greatly depend on the OPEC meeting results and changes in oil prices. We forecast a drop in the US market in the near future.
Major European stock markets show a minimal increase due to the expectation of a press conference by ECB President Mario Draghi (12:30 GMT) in which will be announced the evaluation on the Eurozone’s economy, as well as the future plans of the central bank's monetary policy. Today, positive news for the market has become the reduction of the number of unemployed in Spain by 119,8 thousand in May against the forecast of 110.0 million. In addition, investors expect the press conference of OPEC. Tomorrow we should pay attention to the data on the service PMI of Eurozone and UK. Our medium-term outlook for the region's markets is positive, but there is a possibility of falling prices in the near future.
Markets in the Asia-Pacific region today showed different dynamics. The Japanese market is down against the strengthening of the yen, as well as restrained rhetoric of Prime Minister of the country about the future action to stimulate the economy. In addition, the Bank of Japan board member Takehiro Sato noted the need to review policy of the regulator to reach the inflation target of 2.0%. Consumer confidence in Japan rose to 40.9, which is 0.5 more than the forecast. Australian investors were disappointed by data on retail sales in the country, which grew by only 0.2% in April, against an increase of 0.4% in March. We maintain our positive medium-term outlook for the region's markets, but also see the probability of falling of the markets in the near future.