U.S. stocks rose yesterday following the shares of technology companies that have started to rise in price after the release of data on the growth of manufacturing PMI in China. At the same time, the same indicator in the U.S. fell to 55.3 against the forecast of 55.6, while construction spending in May increased by 0.1%, which is 0.4% worse than expected. Today trade dynamics will depend on the labor market data (12:15 GMT) and factory orders in the U.S. (14:00 GMT). We maintain a medium-term negative outlook on the U.S. market.
Major European indexes finished the trading session yesterday with steady growth despite weak data on manufacturing PMI of the euro area, that declined by 0.1 against the forecast of 51.9. The same figure in the UK increased by 0.5 to 57.5. Today trade dynamics will depend on the statistics on euro area GDP in Q1 (09:00 GMT) and the index of business activity in the UK construction sector (8:30 GMT). We expect a decrease of European stock markets in the medium term.
Markets of the Asia-Pacific region continued to grow. Positive on the Australian market could not change the statistics on the growth of the country's trade deficit to 1.91 billion, against the expected 0.16 billion. The devaluation of the yen supported the Japanese market, while Chinese stocks continue to grow amid the growth in the industry data on which have been published yesterday. In the coming days, the dynamics of indexes will depend on the statistics on the labor market in the U.S., which will be released tomorrow. We maintain our negative outlook on the Chinese and Australian market and look forward to continued growth of the Japanese indexes.