29.12.2014 - Greek crisis in the spotlight

US stock markets continue to consolidate close to historic highs. Considering the positive statistics on US GDP growth of 5.0% in the 3rd quarter of this year, the indexes continue to grow gradually. It is worth noting that analysts predict growth in the 4th quarter will weaken. Weak economic data from Asia and Europe continue to put pressure on US investors. After the holidays, we can see the decline in the market. Today, volatility will be minimal due to the lack of important statistics and the continuation of the holidays. Further growth according to our estimates will be limited and we maintain a medium-term negative outlook.

European stock indexes show a decline today against the background of the risks associated with the presidential elections in Greece. Lack of support for the candidate proposed by Prime Minister Antonis Samaras, will lead to new parliamentary elections. We recall that loan program for Greece of 240 billion euros will be completed this winter. Despite this, the activity of traders is low in connection with celebrating Christmas and New Year. We maintain a negative outlook on the European markets and we expect low volatility this week.

Markets in the Asia-Pacific region showed an increase with the exception of the Japanese market, which fell after the news of the fall in industrial production in November by 0.6%, compared with an expected growth of 1.0%. Today it was announced the launch of a program to support the Japanese economy by 3.5 trillion yen, a third of which will go to support consumption and small and medium-sized businesses. Markets are waiting for the holidays to determine the future direction. We maintain our medium-term negative outlook on the indexes in the region.

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