US stock indexes showed moderate growth on Friday on news of the reduction of tension around Greece in connection with the news on extension of credit agreement for 4 months. Indexes were supported by statistics in the US manufacturing PMI, which rose to 54.3 in February, compared with an expected 53.7. Today, volatility will be low due to lack of release important macroeconomic data except on existing home sales (15:00 GMT). Investors are waiting for the speeches of Mario Draghi and Janet Yellen on Tuesday and Wednesday, as well as statistics on US GDP growth in the 4th quarter of last year, which will be released on Friday. We expect the growth of the US market in the medium term.
Major European indexes finished the last trading session of the week in different directions, amid expectations of decisions on the debt crisis in Greece. As a result, Greece has received an extension of credit agreement for 4 months, during which negotiations on debt restructuring will continue. The index of business sentiment in Germany rose by 0.1 in February to 106.8. Tomorrow is expected the increase of volatility in connection with the publication of a large number of important macroeconomic performance and Mario Draghi. We expect low activity of traders today and save a medium-term positive outlook for the markets in the region with regard to the launch of quantitative easing in the euro area in March.
Markets in Japan and Australia showed growth. Tokyo market decline was supported by the yen, which traditionally leads to an increase in the shares of companies whose products are exported. In addition, investors are more positive about the prospects of solving the Greek debt crisis. The Australian market is under pressure of falling commodity prices. As China continues to celebrate the New Year and the stock markets in the country are closed. We maintain our positive view on the medium-term markets in the region, but note the probability of correction in the near future.