On Friday, Russia's stock market opened with a 1.5%-s break-up against the appreciated on the eve of oil and improve the dynamics of world stock indices. Local news also provided support to the market - so, the net profit LUKOIL on US GAAP in 2Q09 was higher than the consensus forecast. Positive news in the electricity industry has been meeting with the vice-premier Shuvalov last night, where it was decided early relocation of network companies on a more lucrative for them the method of calculating tariffs RAB (Regulatory Asset Base - Adjustable base of capital employed). On this news shares of FGC shot at 15%. Demand for telecoms stocks maintained expectations restructuring of Svyazinvest.
During the growth of trading of the MICEX Index over 3% against the backdrop of global signals increased demand for risky assets, but the bidding took place at low volumes. Apparently, market participants have not been able to determine the direction of motion, and waited for news from the United States. But here, the certainty had not increased - the first block of statistics from 16.30 showed that consumer spending in July increased by 0.2% in line with expectations, while revenues, contrary to expectations, no growth; expenditure rate for June was revised upward. Apparently, the fact that a small but continuing already 3 months, an increase in consumer spending in the United States led an attempt to improve the game in the world markets, but then there has been a downward spiral. His efforts followed in 18.00 paper index of consumer confidence in the University of Michigan in August. Meanwhile, little reason for a negative reaction seemed to be no - the index of consumer confidence, although it slightly decreased in comparison with July, but was higher in August and prior values and expectations of the market. As a result, Russia's stock index, rolled away from the daily maximum, closed height - the RTS index added 1.8% and the MICEX index - 2.9%, a leader of the blue chip shares of Lukoil reached (3.7%) and Norilsk Nickel (4.0%), more expensive shares of oil and gas companies and banks. At the evening session Forts majority of Russia's stock futures declined moderately, reflecting the negative dynamics of U.S. stock indices, increased volatility of oil futures and the dollar strengthening against the euro.
American indices have played in the last hours of trading much of the evening decline and closed with a small multi-directional changes. S P500 and the DJIA fell within 0.4%, Nasdaq index of technology companies to stay in the weakly positive zone due to positive corporate news Dell and Intel. Interestingly, the decline of U.S. indices is largely due to sale of protective market, ie not contradict the trend of increasing demand for risky assets.
Today, we are expecting a small decline at the opening of Russia's market because of the deterioration of the external background - American indexes closed lower levels of completion of the trading session in Russia, most Asian indices traded in the morning in the red zone, continuing a sharp correction in the Chinese stock market - the index Shanghai Composite fell 5.7%. In temperate minus begin week U.S. oil futures and quotes. Strengthening protective currencies - the dollar and the yen - also spoke about the local market by lowering interest risky assets. At the same time while reducing the main external indicators do not exceed 1%, and the Chinese stock market (as opposed to the economy) is largely a closed system for domestic investors. Therefore, reasons for a noticeable Drawdown Russia's stock market at the time of opening of tenders either.
From makrostatistiki now expected Chicago purchasing managers index for August - a regional indicator of industrial activity, which precedes tomorrow's ISM Manufacturing. Key reports ensuing weeks related to business activities in the U.S. (in production - September 1, the service sector - 3rd), the labor market (report ADP - Wednesday, STPS - Friday) and the Fed minutes of the meeting of 12 August (published 2 nd September). Perhaps the new data will help the market to determine the direction of motion.
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Analyst Ratings
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Analyst forecasts: After declining at the opening of trading on Russia's market will take place in a lateral trend
Results of NLMK in 1 half of 2009 by US GAAP standards will not have a significant impact on the shares of the issuer
For shares of Gazprom sign firmer support in the area of 155 rubles, for the securities of Rosneft to a mark of 190 rubles
The reason for the withdrawal of the MICEX Index 1020-1130 from the corridor of items not yet in sight
Russia stock market at the opening will go down, and the MICEX index will again test the strength level of 1100 points
Key reports ensuing weeks related to business activities in the U.S.: in production - September 1, in the service sector - 3rd
On Friday, Russia's stock market opened with a 1.5%-s break-up against the appreciated on the eve of oil and improve the dynamics of world stock indices. Local news also provided support to the market - so, the net profit LUKOIL on US GAAP in 2Q09 was higher than the consensus forecast. Positive news in the electricity industry has been meeting with the vice-premier Shuvalov last night, where it was decided early relocation of network companies on a more lucrative for them the method of calculating tariffs RAB (Regulatory Asset Base - Adjustable base of capital employed). On this news shares of FGC shot at 15%. Demand for telecoms stocks maintained expectations restructuring of Svyazinvest.
During the growth of trading of the MICEX Index over 3% against the backdrop of global signals increased demand for risky assets, but the bidding took place at low volumes. Apparently, market participants have not been able to determine the direction of motion, and waited for news from the United States. But here, the certainty had not increased - the first block of statistics from 16.30 showed that consumer spending in July increased by 0.2% in line with expectations, while revenues, contrary to expectations, no growth; expenditure rate for June was revised upward. Apparently, the fact that a small but continuing already 3 months, an increase in consumer spending in the United States led an attempt to improve the game in the world markets, but then there has been a downward spiral. His efforts followed in 18.00 paper index of consumer confidence in the University of Michigan in August. Meanwhile, little reason for a negative reaction seemed to be no - the index of consumer confidence, although it slightly decreased in comparison with July, but was higher in August and prior values and expectations of the market. As a result, Russia's stock index, rolled away from the daily maximum, closed height - the RTS index added 1.8% and the MICEX index - 2.9%, a leader of the blue chip shares of Lukoil reached (3.7%) and Norilsk Nickel (4.0%), more expensive shares of oil and gas companies and banks. At the evening session Forts majority of Russia's stock futures declined moderately, reflecting the negative dynamics of U.S. stock indices, increased volatility of oil futures and the dollar strengthening against the euro.
American indices have played in the last hours of trading much of the evening decline and closed with a small multi-directional changes. S P500 and the DJIA fell within 0.4%, Nasdaq index of technology companies to stay in the weakly positive zone due to positive corporate news Dell and Intel. Interestingly, the decline of U.S. indices is largely due to sale of protective market, ie not contradict the trend of increasing demand for risky assets.
Today, we are expecting a small decline at the opening of Russia's market because of the deterioration of the external background - American indexes closed lower levels of completion of the trading session in Russia, most Asian indices traded in the morning in the red zone, continuing a sharp correction in the Chinese stock market - the index Shanghai Composite fell 5.7%. In temperate minus begin week U.S. oil futures and quotes. Strengthening protective currencies - the dollar and the yen - also spoke about the local market by lowering interest risky assets. At the same time while reducing the main external indicators do not exceed 1%, and the Chinese stock market (as opposed to the economy) is largely a closed system for domestic investors. Therefore, reasons for a noticeable Drawdown Russia's stock market at the time of opening of tenders either.
From makrostatistiki now expected Chicago purchasing managers index for August - a regional indicator of industrial activity, which precedes tomorrow's ISM Manufacturing. Key reports ensuing weeks related to business activities in the U.S. (in production - September 1, the service sector - 3rd), the labor market (report ADP - Wednesday, STPS - Friday) and the Fed minutes of the meeting of 12 August (published 2 nd September). Perhaps the new data will help the market to determine the direction of motion.
1; user rated material at 2.
Analyst Ratings
Kommersant: The Ministry of Finance proposes to increase taxes on gambling
Kommersant: In Kiev began to mine buildings
Success in Afghanistan would hurt Russia's business
The Devil's Advocate
Economic crisis makes Ukrainian oligarchs to revert to legal services Guarantor …
Analyst forecasts: After declining at the opening of trading on Russia's market will take place in a lateral trend
Results of NLMK in 1 half of 2009 by US GAAP standards will not have a significant impact on the shares of the issuer
For shares of Gazprom sign firmer support in the area of 155 rubles, for the securities of Rosneft to a mark of 190 rubles
The reason for the withdrawal of the MICEX Index 1020-1130 from the corridor of items not yet in sight
Russia stock market at the opening will go down, and the MICEX index will again test the strength level of 1100 points