Major US stock indexes continue to consolidate below historic highs. To update the resistance levels is required a strong incentive. Today, the course of trading will be affected by the news on the Consumer Price Index (12:30 GMT) and new home sales in the US (14:00 GMT), which is an important indicator for the US economy. The course of trading in the medium term will be influenced by the expectations and forecasts on US monetary policy. The economic situation in the Eurozone and the debt crisis in Greece continues to affect investor sentiment. Our medium-term outlook remains positive.
Major European indexes is consolidated at higher levels. Investors are watching the situation in Greece, where the coming weeks will be very important in connection with the continuation of negotiations on restructuring Greece's debt to creditors. The Bundesbank said yesterday that Germany’s economy will continue to grow at a moderate pace. We recall that earlier the growth forecasts on Europe's largest economy were increased to 1.7% by the OECD in 2015 against the previous forecast of 1.1%. Manufacturing and service PMI in the euro area showed an increase to 51.9 and 54.3 respectively. We maintain a positive medium-term outlook for the European market due to the launch of the quantitative easing program and improving macroeconomic indicators in the Eurozone.
Markets in the Asia-Pacific region have changed slightly today against the background of uncertainty about future growth in the US and Europe. Strengthening of the yen was negative for shares of Japanese exporters. The fall of the Japanese manufacturing PMI to 50.4 against 52.1 expected disappointed investors. The same indicator in China, which is calculated by HSBC fell to 49.2, vs. expected 50.5, indicated a reduction in the sector. We expect continued growth of indexes in the medium term, but note the risks associated with the slowdown in the Chinese economy.