29.06.2015 - The Greek crisis has led to a drop on the markets
American stock indexes finished the last day of the trading weak near the previous close. Investors were in no hurry to accumulate positions before negotiations between Greece and lenders that has failed over the weekend and has led to a sharp deterioration in investor sentiment. Positive for the market was the statistics on consumer confidence in the United States, which rose to 96.1, vs. expected 94.6. Today, the course of trading will be affected by the speculation about a possible default by Greece tomorrow. A slight influence on the course of trading will have data on pending home sales on the secondary market in the US (14:00 GMT). Our medium-term outlook for US markets remains positive, but in the near future we may see a drop.
European stocks fell sharply on the first trading day of the week on the background of the refusal of Greece from offers of creditors on reforms in the country. As a result, Prime Minister of Greece, Alexis Tsipras announced a referendum on the approval of austerity measures for the country and called on the population to vote against these measures. A referendum held on July 5, but the country could default tomorrow, if will not to pay about 1.6 billion euros to the IMF. Today, the dynamics will depend on the statements of politicians about the situation in Greece. Tomorrow is forecasted a high volatility due to the release of UK data on GDP, unemployment and consumer price inflation in the euro area. We keep medium-term positive outlook for the market in the region, but note the risk of falling in the near future due to the Greek crisis.
Markets in the Asia-Pacific region fell amid the failure of negotiations with of Greece creditors. The largest decline was recorded among the companies which export a significant part of production in the European Union. The Japanese market also reacted negatively to the growth of the yen as a safe asset. An additional negative factor for Japanese investors has become the data on the volume of industrial production in the country, which in May fell by 2.2%, compared with an expected decline of 0.8%. The People's Bank of China unexpectedly lowered the interest rate on loans by 0.25% to 4.85%, which should support the stock markets of the country after a sharp fall last week. We maintain a medium-term negative outlook on the markets in the region, but we can see a further fall in the near future.