Significant positive factors that contribute to even a moderate growth of quotations of securities Russia, until there

Russia

Despite the positive closing of trading on the U.S. stock market over the past two trading sessions, ending a week of bidding, nevertheless held in negative territory, which was the worst week closure over the past two months. Fears of market participants were related to financial and energy sector of the market, against the backdrop of a possible reduction in profits, as well as the downward trend in the oil market. However, last Friday's rally marked slowdown in job losses in the labor market. Morgan Stanley shares lost 6.3% for the week after Bank of America Corp. lowered their rating, in connection with the 84% increase in stock price in the bank during the year. American International Group - fell by 20% after the recommendations of the Sanford C. Bernstein Co. sell shares of the insurance company after growth data quoted at 245% during August. Reduce the oil market is also urgent to reflect on the dynamics of the shares Exxon Mobil Corp. (-6.5%), Against the background of statements by the Chinese side that accepts the rules of banking activities, will be able to cool off speculative sentiment in the markets, the second in the world energy-consuming country.

The current situation in the commodity markets and foreign exchange sites is likely positively affect the dynamics of Russia's actions in the first half of the trading session Monday. However, it should be noted that significant positive factors contributing to even a moderate growth quotes yet. In this context, we can say that the current market situation is interesting only in terms of intraday trading. At the same time continuing downward dynamics on the time scale of the MICEX Index restricts rehabilitation movement, cut-1095-1100p. And testing support line figure Ascending triangle on the daily chart, creates an increased risk for further market growth in the short term.

Europe

European stock markets on Friday broke a four-day series of negative and closed with gains of growth of the banking and mining sectors, secured exceeded analysts' expectations of macroeconomic statistics from the U.S.. Pan-European index of blue chip on the FTSEurofirst 300 rose 1.16 percent to 960.80 points. After the release of data on the employment situation in the United States European indicative index began to retreat from the conquered earlier positions, but then again started to rise, as investors still decided to pay attention primarily on the main index, rather than the unemployment rate has reached in August 9 , 7 per cent. Overall, the U.S. economy lost last month, 216,000 jobs - less than the 225,000 analysts expected. In the banking sector quotes HSBC, Banco Santander and Credit Suisse rose to 2,0-4,3 per cent.

Asia

Asian indices show positive dynamics against the background of the agreement of Great Twenty of the continued support of the global financial system. HSBC Holdings Plc - the largest creditor in Europe grew by 1,9% at the auctions in Hong Kong. Toshiba shares climbed 3.9% in Tokyo after the company said that may be used to reduce the number of production facilities to reduce costs. Stock quotes Chartered Semiconductor Manufacturing Ltd. - Back to previous positions after the fall, against the background of information about a possible merger. China Unicom (Hong Kong) Ltd. - Increased by 2.2% after reports about a possible joint project with Telefonica SA.

U.S.

U.S. likely to withdraw from a sharp recession in the last months of 2009, but further growth could be very slow, said Dallas Fed President Richard Fisher. Fischer said that it was too early to speculate on the timing or rate of oscillation of the key rate. However, as price pressure more inclined towards deflation because of high unemployment and low load capacity in the U.S., inflation is not a problem now, said Fisher. Fed is prepared to change policy when it comes right time, he added. In general, the head of the Dallas Federal Reserve gave a pessimistic outlook, expressing concern about the stability of economic growth in the medium term. The Federal Reserve should hold interest rates too low, when the economy there is a stable recovery, although many wish to do so, said the president of the Federal Reserve Bank of Kansas Thomas Hoenig. According to Hoenig, the largest U.S. banks still do not want to get rid of risky assets on the balance sheet and to attract additional capital as required by the authorities.

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.

In the U.S., auctions are not held Sept. 7 in connection with the celebration of Labor Day.

MICEX (time schedule)

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