06.01.2015 - The problems in Greece once again in the focus of investors
US stock indexes showed a strong decline yesterday against the background of negative expectations about the political crisis in Greece, which may adversely affect the euro area financial system. On the other hand the fall in oil prices lead to a drop in shares of oil and gas companies. Investors are awaiting the publication of minutes of the Fed meeting, which will be published tomorrow. Today, the course of trading will be affected by the news on non-productive PMI and factory orders in the US (15:00 GMT). Our medium-term outlook for the US stock market remains negative and we expect further decline.
European stocks fell greatly yesterday amid speculation regarding a possible Greek exit from the Eurozone. In addition, the parliamentary elections in Greece, which will be held on January 25 could lead to power opponent of funding cuts in the social sphere - the alliance Syriza. Data on the growth of index of investor confidence in the euro area to 0.9 failed to support the markets. Statistics on construction PMI of the UK, which fell to 57.6 against 59.2 expected, led to a greater decrease in the indexes in the country. Today's statistics on the service PMI also disappointed traders. Thus, in the UK figure fell to 55.8, and in the euro area to 51.6. We expect a continuation of the negative dynamics of stock market indexes in the medium term.
Markets in the Asia-Pacific region is reduced following the US and European indexes. Stimulus for a sharp fall in Japan was the strengthening of the yen in relation to with the demand for defensive assets. It is worth noting that the trade deficit in Australia in November totaled 0.93 billion against the expected 1.59 billion. Service PMI in China rose by 0.4 to 53.4. We expect the fall in the markets of the region, which may interfere with incentives to maintain economic growth in China and Japan.