23.06.2015 - Investor sentiment in the world has significantly improved
The US stock market yesterday showed a positive trend on expectations of reaching a consensus on reforms in Greece, which are necessary for restructuring the country's debt. Positive for the market was the increase in sales on the secondary market to its highest level in 5.5 years. Thus, the number of transactions rose to 5.35 million vs. forecasted 5.27 million. Today, the course of trading will be affected by the important data on the volume of orders for durable goods in the US (12:30 GMT) and new home sales in the US (14:00 GMT), which may lead to continued growth on the market. We expect growth on the stock markets of the country in the medium term.
European stocks show strong growth due to increased probability of achieving an agreement between Greece and its creditors. This fact is the main growth driver, which allows to recover a part of previously lost positions. Investors are also pleased with the data on manufacturing and service PMI of the Eurozone which rose respectively to 52.5 and 54.4, against forecasts of 52.0 and 53.7. The program of quantitative easing and the decline in the euro are the main drivers for the improvement of macroeconomic indicators in the region and the growth of stock indices. The course of trading in the UK today will be influenced by the data on the balance of production orders in the UK. Our medium-term outlook remains positive.
Markets in the Asia-Pacific region showed strong growth due to the improvement in investor sentiment in the US and Europe. Positive for Japanese investors is the decline of the yen, which traditionally supports quotes of exporting companies. At the same time, growth was restrained by weak data on Japan's manufacturing PMI, which fell to 49.9 in June, that was 0.7 worse than expected. The comparable figure in China, calculated by HSBC rose to 49.6, which is 0.2 better than expected. We expect increase in the indices in the region in the medium term due to improved expectations of investors in the world.