US stock indexes finished yesterday's trading session near the previous close levels. After the publication of minutes it became clear that the Fed rate likely will not be raised at the next meeting of Federal Open Market Committee. 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 and sales on the secondary market (14:00 GMT). We expect continued growth in the near future, but its potential is limited.
European stocks stabilized yesterday in connection with expectations of the publication of minutes of meeting on the US Federal Reserve, as well as uncertainty over the restructuring of Greek debt. At the same time, the Bank of England kept monetary policy settings unchanged. The manufacturing PMI in the euro zone rose in May by 0.3, to 52.3, while service PMI fell by 0.7 to 53.3. Retail sales in the UK rose by 1.2% in April, against expected growth of 0.4%. Today is also worth paying attention to data on the index of consumer confidence in the Eurozone (14:00 GMT) and the speech of Mario Draghi (17:30 GMT). Our medium-term outlook for the region's markets is positive thanks to the program of quantitative easing.
Markets in the Asia-Pacific region ended trading session around the previous close levels. The reason for this was uncertain situation regarding the growth prospects on the US stock market. China's manufacturing PMI, calculated by HSBC fell to 49.1, that is 0.3 worse than analysts' forecasts. The comparable indicator in Japan rose to 50.9, which is 1.0 better than the previous figure. We expect low volatility in the coming days and maintain the medium-term positive outlook on the markets in the region due to the stimulus measures from the governments of China and Japan.