Paper financial sector will be under pressure today in connection with the forthcoming report of CIT Group

correction took place - has continued to grow

On Wednesday in the Russian stock market trading is marked correction on the main blue chips. The main cause of decline was the correction in commodity quotes, as well as the negative dynamics of the western areas due to poor reporting of American banks. Paper oil and gas sector declined by 2-3%, the banks have shown falling by 2-4%. Looked much better than the market shares of steel companies against the backdrop of growing demand for metal from China.

Trading on the American market once again were near zero, which is connected with the mixed nature of corporate reporting. The banking sector yesterday, disappointing U.S. investors: Wells Fargo reported an increasing share of problem loans, Morgan Stanley showed a loss, Bank of New York Mellon continues to incur losses from mortgage securities. The oil and gas sector is also traded in a negative manner against the backdrop of weak oil prices. Better market looked high-tech sector on a background of positive reporting Apple. At the end of the trading Dow Jones index fell by 0.4%, S P500 fell 0.1%, NASDAQ up 0.5%.

External background at the opening of the Russian market is moderately positive. Japanese Nikkei rising to 1.2%. Chinese Shanghai Composite is growing at 0.7%. Oil brand Brent traded at $ 67.5 marks. Futures on the U.S. S P500 grow at 0.4%.

Yesterday, as we expected in the Russian market correction took place against the backdrop of local overheated market. Factors for its continuation is not available and now we expect to see growth across the whole spectrum of securities. Morning background contribute to the positive sentiment: crude oil traded once again high in the asia plus futures on U.S. indexes also traded in the green territory. Better the market today, the paper will look at oil and gas sector. Paper financial sector will still feel nervous around the world in connection with the forthcoming report of CIT Group. Today is also waiting for statistics on the number of unemployment benefits in the United States. In the absence of a sharp negative forward movement upwards in the Russian market before the end of the week.

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