On Tuesday, in line with our expectations, the modest increase in futures on the S&P 500 in the morning did not bring anything good. Thus, already since the start of trading in the U.S., the leading indexes headed downwards, measurably declined from 1.6% to 1.8% by the end of the session. The leaders among outsiders were industrial and mining stocks (i.e. oriented towards the growth emerging economies). In turn, banking sector shares did not stand out from the large group, indicating that the main reason for deteriorating sentiment was the exaggerated role of growth in the yields of European sovereign bonds.
On the positive side, the beginning of earnings season in the United States should be highlighted. The first among major companies were the results of aluminium producer Alcoa, which the market welcomed, as they were better than expected. Largely due to this event, we are witnessing the growth of futures on the S&P 500 today prior to the opening of European and Ukrainian sessions. However, as before, we think it is still premature to speak about a possible change in the negative trend on stock markets in advance of the publication of financial results by U.S. banks JP Morgan Chase and Wells Fargo on Friday, April 13.
