The current situation in the Russian market can be characterized as the outset, the yield from which will indicate the further direction of movement

It seems that the players are already beginning to tire of the constant growth. Anyway, yesterday after a significant gepa up buyers and those beyond, and continue throughout the day, we have seen a gradual slide down quotations. Evening attempted growth, undertaken against a background of very positive news for the U.S. economy, also failed and ended sales, although the data released by new proved significantly better than market expectations. Given that the housing sector remains a significant part of the American economy, the received data can be considered encouraging. On the other hand, the growth of sales of houses is due to rather low price for them, and in high demand not only of American families, but also foreign investors, as credit expansion and economic recovery. In addition, in recent days comes more and more alarming information concerning the growth of the problem of debt on credit cards in Europe and the United States, that just might trigger a second wave of the crisis. Thus, the fall in the euphoria and optimism are still very early.

With regard to individual companies, yesterday, on the basis of I half reported Gazprom Neft and LUKoil. Their reporting showed reduction in net profit, respectively, and the paper looked worse than the market. In addition, the shares of Gazprom's attempts to pressure the Government to increase the tax burden: to replenish the budget for the current looming deficit is necessary, and we believe that Gazprom is not a limit, and the total tax burden on business in the near future will only increase.

In general, the current market situation can be characterized as outset, the exit from which either side and further indicates the direction of motion.

Today

leading world markets on Monday closed a moderate growth: German DAX 0,42%, Britain's FTSE 0,21%, DJIA 0,17%. Asian markets this morning, rising 11 day in a row, with the Japanese Nikkei225 losing -0.01%. Futures on the S P500 reduced by -0.15%.

Pair EUR /USD is in the € /$ 1,4275, while USD /JPY - in $ /#165; 95.10. Gold is $ 955.66 per troy ounce, silver - $ 14.07 per troy ounce, Copper - $ 5,611, and nickel - $ 16,850 per metric ton.

Yield for UST-2, 1,05; for UST-10 3,74.

Oil Prices in the last 24 hours have increased by $ 1.99 to $ 71.22 a barrel varieties Brent.

So, today we look forward to continuing the growth of quotations of securities.

Today, at 13.00 GMT in the United States will be released price index for shelter from the SP (CaseShiller Home Price Ind.), at 14.00 GMT - an indicator of consumer confidence (Consumer Confidence) and the Richmond Fed manufacturing index (Richmond Fed Manufact. Index), and 20.30 GMT - data on energy reserves in the past week.

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