06.07.2015 - European stocks fall after a referendum in Greece

American stock markets were closed on Friday because of the Independence Day of the United States. Today, we are likely to see a negative beginning of the trading week due to the Greek referendum, which took place yesterday and where about 61% of the electorate voted against the proposed austerity measures in the country. Today, the course of trading will be affected by the statements of politicians about the future of Greece. A slight influence on the course of trading will have data on the non-productive PMI in the US (14:00 GMT). We expect the growth of the US market in the medium term, but probably will see its fall in the near future.

European stocks today shows confident decline due to the refusal of Greek voters from creditors on proposals on austerity measures in the country. This fact is likely to lead to the exit of Greece from the euro area and will be negatively displayed on holders of Greek debt. Today will be published data on the index of investors’ confidence in the Eurozone (08:30 GMT). Strong influence on the course of trading in the near future will be the European politicians’ statements about further cooperation with Greece. We expect a fall in European markets in the near future and maintain the medium-term positive outlook, despite the current problems associated with the Greek crisis.

Markets in the Asia-Pacific region continue to decline. The main negative factor for investors was the result of the Greek referendum, which will likely lead to the exit of the country from the euro area despite the claims of the Greek politicians intention to remain within the monetary union. Japanese investors sold assets due to negative external background and the strengthening of the yen. The Chinese market continues to fall against the backdrop of panic selling and fixing positions. We recall that in the last weeks the volatility on the Chinese market reached a high level, and after a strong growth indexes over a long period, investors began to sell large quantities of Chinese stocks. We expect the resumption of growth on the Asian markets, but in the near future decline may continue.

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