07.01.2015 - Markets fell before the publication of the minutes of the Fed

US stock indexes continued to fall against the general negative background caused by the political crisis in Greece, weak macroeconomic data and falling oil prices. Thus, the non-manufacturing PMI fell sharply and reached the level of 56.2, compared with an expected 58.2. At the same time, the volume of factory orders fell by 0.7% in December, which is 0.4% worse than analysts' expectations. Today, the focus will be on the publication of the minutes of the previous meeting of the Fed (18:00 GMT), which may increase the confidence in the earlier increase in interest rates, which is negatively displayed on the stock indexes. We maintain our medium-term negative outlook on the US indexes.

European stocks stabilized for a short time, but continue to be under the pressure of the political crisis in Greece, which threatens the financial stability of the European Union. Today was published statistics on consumer price inflation in the euro area, which fell to negative -0.2%, which increases the probability of launching a full-scale program of quantitative easing. The unemployment rate in the euro area remained at 11.5%. Increase in volatility is expected tomorrow in connection with the publication of the minutes of meetings of the US Federal Reserve. We expect a further decline of the European stock market analysis.

Stock indexes of the Asia-Pacific region today showed corrective gains after a strong decline in the previous trading session. In the region today has not been the published an important macroeconomic data. Growth in Japan was supported by a decrease in quotations of the Japanese yen. Chinese investors continue to buy shares on the background of the expected stimulus measures by the Chinese government. We maintain our medium-term negative outlook on the markets in the region due to the deterioration of macroeconomic indicators in the region, as well as the crisis in the construction sector in China.

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