American stock indexes showed growth yesterday against the publication of positive quarterly reports, growth in oil prices against the backdrop of the US reducing production volumes and the positive statistics on existing home sales in America. Thus, the figure rose to 5.33 million in March, against 5.07 million in February, indicating that the positive dynamics in the housing market in the United States, which is crucial for the country's economy. Today will be published data on the number of initial unemployment claims in the US and the Philadelphia manufacturing PMI (12:30 GMT). In addition, investor sentiment can affect the news from Europe, where will be held the press conference of the ECB President Mario Draghi. The potential for further growth in the US market is limited, but the season of corporate reporting can improve growth prospects.
Major European stock indexes are consolidated around the level of the previous close in anticipation of today's ECB decision on interest rates (11:45 GMT) and the press conference of the ECB President Mario Draghi (12:30 GMT). In case of hints at strengthening measures to stimulate the Eurozone economy, the markets will continue to grow. In the UK, retail sales data will be released today (08:30 GMT), which given the weak statistics on the labor market in the country, may disappoint investors. We expect growth on the European stock markets in the medium term, but remember about the risks associated with the referendum on the UK's membership of the EU, which will take place on 23 June.
Markets in the Asia-Pacific region today mostly rose. The Shanghai index is under pressure from the news according to which the Chinese authorities will be restrained in further stimulating the economy due to increased risks to the economy because of such actions. The fall of the yen and rising oil prices and US indices supported the Japanese market. Tomorrow will be published data on the manufacturing PMI in Japan. The Japanese stock market has a strong potential for growth in case of further devaluation of the yen and our medium-term outlook for the region's markets remains positive.