US stock markets were closed yesterday. Today, the dynamics will depend on the publication of important statistics on the volume of orders for durable goods (12:30 GMT), new home sales and consumer confidence in the US from Conference Board (14:00 GMT). Given the lack of new drivers for growth, we expect modest growth on the markets in the near future and maintain the medium-term positive outlook.
Some European stock markets yesterday were closed. So, no trade session was conducted in the UK and Germany. At the same time, the Spanish index fell on the results of the municipal elections. Support on the elections got Podemos opposition party, which reinforces investors' concerns about a possible political crisis in the country after the national parliamentary elections that will be held in the autumn. Greek officials indicate a possible Greek default in case of the absence of consensus on a debt restructuring in Greece. We keep medium-term positive outlook for the market in the region in connection with the program of quantitative easing, but highlights the risks associated with the Greek crisis.
Markets in the Asia-Pacific region showed strong growth against a background of weakening of the yen and the positive expectations of investors in connection with the possibility of cross-border investment between Hong Kong and mainland China on July 1. Tokyo’s index rose to highest level since 2007. Tomorrow will be published the minutes of the previous meeting of the Bank of Japan, which can support growth. The Australian market is under the pressure of low commodity prices. We maintain the medium-term outlook for the markets in the region.