13.05.2015 - Investor sentiment has improved
US stock markets fell slightly amid a decline in the number of job openings in the United States to 4.99 million against the expected 5.16 million. At the same time, concerns about the Greek crisis continues to adversely affect the analysts' expectations. It is worth noting that today will be published statistics on retail sales in the US (12:30 GMT), the growth of which can lead to overcoming historic highs. The statistics on oil reserves in the US (14:30 GMT) will affect the shares of oil companies. Our medium-term outlook for the US stock market remains positive, but we expect a correction in the near future.
European stocks continued to fall amid rising bond yields due to fears of investors about the Greek crisis in spite of the payment of about 770 million euros on the IMF loan. Today was published statistics on the growth of euro area GDP, which totaled 0.4% in the first quarter compared to the projected increase of 0.5%. At the same time, the volume of industrial production in the euro area fell by 0.3% in March, despite the weakness of the euro. The UK unemployment rate continued to fall and totaled 5.5%, in line with analysts' forecasts and was 0.1% better than the previous figure. The focus of European markets is the restructuring of Greek debt. We keep medium-term positive outlook for European markets, but the risks associated with Greece could lead to a further decline on the stock markets.
Markets in the Asia-Pacific region did not show uniform dynamics. The Japanese market after a negative start on the background of the pessimistic sentiment in the US, returned to positive territory thanks to the weakening of the Japanese yen. Strong data on Japan's balance of payments surplus which rose to 2.07 trillion, compared with an expected 1.34 trillion indicates the country's economic recovery. At the same time, China's industrial output in April rose by 5.9% compared to the same period last year, which was 0.2% below expectations. We remain medium-term positive view on the stock indices in the region.