US stock indexes showed a negative trend yesterday against the background of the lack of publication of important macroeconomic data. Analysts continue to point on the future of the negative impact of the Greek debt crisis in the euro area financial system stability. Today, the course of trading will be affected by the data on non-manufacturing PMI (15:00 GMT) and publication of the Beige Book (19:00 GMT), which indicates the state of the economy in the 12 federal districts. We maintain a positive medium-term outlook for the US market, but we can see continued correction in the near future.
European stocks decline before statement Mario Draghi on Thursday, where he can uncover the details of the start of the program of quantitative easing. The reason for the decline were fears and concerns about the Greek crisis. Statistics on the growth of retail sales in Germany by 2.9% vs. 0.5%, and growth in the UK construction PMI to 60.1, which is 1.0 better than the previous figure. Today was published statistics on the growth of retail sales in the euro area by 1.1%, which is 0.9% better than analysts' expectations. We expect continued growth on European stock markets in the medium term due to the launch of the program of quantitative easing.
Markets in the Asia-Pacific region showed a decrease on the background of fixed positions after the growth of the previous days. The reason for the fall of the Tokyo market is the decline in US indexes. The Chinese market has reacted to the data on the PMI service in the country, which in February rose by 0.2, to 52.0, but this fact was not able to change the negative sentiment. Australian investors were disappointed by data on GDP growth, which is in the 4th quarter of last year was 0.5%, which is 0.2% worse than analysts' forecasts. Tomorrow we should pay attention to retail sales and the trade balance in Australia. We maintain a positive medium-term outlook for the markets of the region.