02.07.2015 - Markets are waiting for data on unemployment in the US

The US stock market yesterday showed growth against the background of positive statistics on the labor market, where the number of new jobs was 237 thousand vs. anticipated 219 thousand. The manufacturing PMI rose to 53.5 in June against 52.8 in May. Construction spending rose by 0.8%, which is two times better than analysts' expectations. Today is expected the increase in volatility following the publication of data on the labor market in the US (12:30 GMT). The course of trading will be also affected by the news on the volume of factory orders (14:00 GMT). Tomorrow is a day off in the United States. Our medium-term outlook remains positive, but we are waiting for the results of a referendum in Greece, after which we can overestimate forecasts.

European stocks showed gains on hopes of a positive conclusion of the Greek crisis and reaching a consensus after the referendum on the austerity measures, which will be held on July 5. Support for the market was the positive data from the US. The manufacturing PMI in the euro zone remained at 52.5, while in the UK fell to 51.4, compared with an expected increase to 52.6. Today, the course of trading will be affected by the labor market data in the US (12:30 GMT) and ECB President Mario Draghi (15:10 GMT). We expect increased volatility in the near future and maintain the medium-term positive outlook for the market in the region in connection with the program of quantitative easing in the Eurozone.

Markets in the Asia-Pacific region showed different dynamics. Thus, the Japanese market has supported the improvement in investor sentiment in the world in connection with the hopes of a positive conclusion of the Greek crisis in the near future. In addition, shares of exporters showed an increase in the weakening of the Japanese yen against the US dollar. High volatility on the Chinese market has led to a drop in the Shanghai market for more than 3%. Australian investors were disappointed by the weak data on the trade balance of the country, the deficit of which in May rose to 2.75 billion against 2.21 billion expected. We expect growth on the markets of the region in the medium term, but volatility will remain high in China in the near future.

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