Major U.S. stock markets ended yesterday's trading session near the previous close levels. Beginning of trading passed on the negative background due to weak data on the manufacturing PMI in the U.S. that increased to 55.4, which is 0.3 worse than the forecast. Construction spending in April rose by only 0.2%, against the forecast of 0.8%. Today, the course of trading may be affected by the data on factory orders in April (14:00 GMT). Potential for further growth is limited, and we expect the correction on the U.S. stock market and maintain a long-term negative outlook.
Major European indexes have slightly changed yesterday. The manufacturing PMI in the euro area fell in May to 52.5, against the forecast of 52.5. Today, we expect increased volatility on the background of release of data on consumer price inflation and unemployment in the Eurozone (09:00 GMT). Investors do not hurry with active moves and are awaiting the results of the ECB meeting on June 5 at which may be approved new measures to deal with low inflation. Further progress will depend on the decision of the ECB, after which we will revise the market forecast.
On the markets of the Asia-Pacific region was a slight increase. The Japanese stock market continues to rise on weaker yen. Head of the Bank of Australia, during his speech today, said that rates will remain at 2.50% for a long time, recovery of the housing market is slow, while exports increased on the background of launching new capacities on the extraction of resources, but in the following quarters the growth will slow down. The index of business activity in China in May was revised up to 49.4, against the forecast of 49.7. We maintain a long-term negative outlook for the markets of China and Australia, the growth in Japan may be supported by devaluation of the yen.