16.07.2015 - Approval of the reforms in the Greek parliament has led to increased optimism on the market
US stock indexes yesterday have not changed due to the negative impact of the Fed statement on the likely increase in US interest rates this year. In addition, Janet Yellen said that the Fed expect the stable growth of the economy and reduced unemployment. Support for the market was the news of a positive vote in the Greek Parliament on austerity measures. It is also worth noting the positive data on industrial production data, which in June rose by 0.3%, which is 0.1% better than expected. Today, the course of trading will be affected by the data on the number of initial unemployment claims (12:30 GMT), the manufacturing PMI of Philadelphia (14:00 GMT) and the speech of the Fed chairwoman (14:00 GMT). Our medium-term outlook remains positive, but given the approaching of price to historical highs, we expect a downward correction of price in the near future.
European stocks yesterday showed modest growth. Today, positive news for the market have become the laws on austerity measures and reforms in Greece, which were necessary for a third tranche of financial aid of about 85 billion euros. British investors yesterday were disappointed by the weak labor market statistics in the country. Thus, the unemployment rate rose to 5.6% in May, which is 0.1% less than the previous figure. Today the negative was the statistics on the euro area trade balance surplus which totaled 21.2 billion compared to the forecast of 22.3 billion. The central event of the week will be a press conference by Mario Draghi (12:30 GMT). Given the positive development of the situation around the Greek crisis, we expect continued growth of European markets to highs of the year in the near future and maintain the medium-term positive outlook.
Markets in the Asia-Pacific region showed moderate growth on the background of improved sentiment in the US and Europe due to the successful vote on the austerity measures in Greece, which will make possible overcoming the debt problems of the country in the near future. Reduced price of the Japanese yen has led to a rise of shares of Japanese exporters. It is worth mentioning the stabilization of the stock market, of China, after the strong growth and falling volatility of the Shanghai index by 30%. Incentives from the government of China will support the growth of the shares in the near future. Our medium-term outlook remains positive.