17.07.2015 - US indexes approached to historic highs

Major US stock indexes yesterday showed an increase on the background of positive quarterly reports of several companies including Citygroup, eBay and Netflix. At the same time, growth on the market was supported by positive news on the vote on the austerity measures in Greece, which has led to a reduction of fears concerning the Greek crisis. The number of initial unemployment benefits in the US fell to 281 thousand that was 15 thousand better than the previous figure. Today, the course of trading will be affected by the publication of important statistics on consumer price and the housing market in the US (12:30 GMT) and the index of US consumer confidence from the University of Michigan (14:00 GMT). Our medium-term outlook remains positive, but for updating the highs the market needs substantial incentives.

Major European stock indexes showed gains yesterday on the background of higher volume of emergency funding to Greek banks and optimistic statements by Mario Draghi. Thus, according to the head of the ECB the Eurozone’s economy will continue to recover in the second half of the year and downside factors will be offset by a reduction of euro’s effect on the program of quantitative easing and low oil prices. Today is possible fixing of positions after the strong growth in the previous days. Within the absence of important statistics in Europe, the course of trading will affect the news from the US. Our medium-term outlook for European markets remains positive.

Markets in the Asia-Pacific region continued to grow today against the background of investors' optimism associated with optimism regarding the Greek crisis. The Japanese market is still growing due to the weakening of the yen. Chinese investors continue to buy depreciating assets after the People's Bank of China lowered interest rates and reserve requirements, which triggered recovery of the stock indexes of the country. Given the global optimism, we expect further growth at the markets of the region.

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