Undulation continues to dominate the domestic market, and another variation may lead to a reduction in the area of 2-2,5% in the first half of the trading week

Russia

Despite the slightly positive closure of the weekly auction by U.S. stock exchanges, the trading session on Friday was completed major decline in stock indices. Little support for the investors was the fact of the next growth rate sentiment index according to the University of Michigan, which has exceeded the expected value. Downward pressure on these companies have located in the least advantaged. Meanwhile, stock quotes, Boeing Co. rose after the announcement that the new model - the 787 Dreamliner will rise in the sky this year. Support for shares of Intel Corp. (4%) had increased the forecast of reporting indicators.

Our Opinion . The widespread decline as the stock markets and commodity, it is likely to lead to the fact that the beginning of the autumn session noted the decline in Russia's stock market indices. Undulation continues to dominate the domestic market, and the next swing can bring to a reduction of around 2 - 2,5% in the first half of the trading week. Thus, it will be possible next tested 200 hours moving average at the position of 1080p. on MICEX. Since the beginning of this week is likely to reduce the development of the next wave in the papers of oil and gas sector of the market. Not so strong it can be observed in bank stocks, as well as papers of the steel industry.

Europe

European stock markets were closed on Friday at the maximum level for 10 months due to hopes of economic recovery and Nokia, which supported the technology sector. Pan-European index of blue chip FTSEurofirst 300 rose 1.1 percent to 978.85 points, the maximum level of closure from 7 October last year. Last week, the index added 1.2 percent. Nokia shares rose 3.1 percent thanks to the announcement that its first Linux phone to compete with the iPhone, issued by Apple.

Asia

Asian markets decline in the current trading after the companies in the metallurgical sector, as well as Chinese companies-reporting and reduced profits. Had won a victory of the Democratic Party of Japan thus gave impetus to the growth of the Japanese currency. Baoshan Iron Steel Co. lost 7% in trading in Shanghai after the company's profit performance in the first half of this year decreased by 93%. Canon Inc. - Receive 28% of trading profit in America fell by 3,3%. Equity Industrial Bank Co. lost 9% after the Caijing magazine has published information that a number of national banks in China will face an increase in overdue loans. However, a more successful day was formed to Australia New Zealand Banking Group Ltd., Whose shares rose by 4,1% due to increased profits.

U.S.

The number of officially registered troubled U.S. banks and financial institutions has increased sharply in the second quarter of 2009 and amounted to 416 institutions, compared with 305 in the first quarter, while losses of the financial sector reached $ 3.7 billion. Federal Deposit Insurance Corporation (FDIC) reported that the sector is once again suffered losses in the second quarter after a profit at $ 7.6 billion in the first, mainly due to the increasing number of bad loans and depreciation of assets. Fund FDIC, intended to insure bank deposits, declined in April-June by 20 percent to $ 10.4 billion from $ 13.0 billion at the end of March. U.S. Fed should consider an exit strategy and be careful not to over-stimulate the economy, said Thursday, two representatives of the American central bank. President of the Federal Reserve of St. Louis, James Bullard said that the central bank should consider phasing out programs to support the economy in the coming months, and Richmond Fed head Jeffrey Leker said the Fed must think to bring it before the end of all of the planned program of incentives. Bullard said that the abolition of incentives will allow the Fed to reduce the deficit, possibly through the sale of assets that the central bank bought this year. However, it should not be regarded as a prelude to the growth rate.

Closure Trading ADR GDR in the western areas was of multidirectional nature.

Prices are per 1 share

* ratio of closing price of receipts on U.S. exchanges and Europe to the closing price of shares on the MICEX.

Recommendations : From the main macroeconomic statistics suggest note on the index of business activity in Chicago. The data will be published in 17-45 Moscow time.

MICEX (time schedule)

Recommendations for market shares: LUKoil, Norilsk Nickel, Rostelecom, Gazprom, Mosenergo, Surgutneftegaz, Sberbank
Asian markets decline in the current trading after the companies in the metallurgical sector
Crude oil futures on Friday closed with a slight increase
Review of the FOREX market for 28.08.09
From the statistics of the United States today will present interesting business activity index Chicago PMI
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Asia: report of Chinese companies and the strengthening of the yen to resume sales

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