30.12.2014 - Investors fixed position before the long weekend

US stock indexes have not changed in the last trading session. Trading volumes were minimal. Continuation of growth is constrained by lack of drivers for future growth, as well as news from Greece, where the parliament for the third time could not elect a president that has led to early parliamentary elections, which can be displayed on the restructuring of Greek debt. Today, the course of trading will affected by the data on consumer confidence in the US (15:00 GMT). We forecast the beginning of the correction on the US stock markets in the medium term.

European stocks yesterday showed decline amid a political crisis in Greece, which has led to new parliamentary elections that will be held on 25 January. We recall that in late January was supposed to be decided the question of restructuring debt, which amounts to 240 billion euros. In case of victory of opposition forces, who are opposed to a credit program at the current conditions, we can see a further decline in the euro and European stock markets fall. Today, the indexes returned to previous levels and volatility will be low due to the holiday period. In January, the ECB may announce new stimulus measures, which should support stock markets. Our medium-term negative outlook on the markets in Europe remains unchanged.

Markets in the Asia-Pacific region is reduced today amid concerns about the prospects for further growth on global stock markets. In addition, investors decided to fix positions before the weekend. Tomorrow is a day off in the region, but will be published statistics on the manufacturing PMI in China from the bank HSBS. Given the long weekend, we expect an increase in volatility at the beginning of next week, but trading volumes will continue to be lower. Our medium-term outlook remains negative.

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