The Russian stock market opened the trading week, the decline in major indexes. The reason for the sales was the situation on the commodity market - the quotes of black gold fell within the day to below $ 63.30 a barrel. Futures on the U.S. indices, the whole trading session protorgovavshiesya in the red, also contributed to bear sentiment.

The opening bid in the United States after a long weekend took place at the negative territory, but rather less symbolic, allowing Russian investors to rely on a small technical rebound in tomorrow's session in the case of retaining current levels until the closing auction in America. But, given the immediate prospects of the nebula, open positions with the aim for tomorrow is not recommended, because the U.S. Indexes are abruptly change the mood after the completion of trades on the Russian stock market.

session tomorrow promises to be more intense at the macro-economic developments. Particular attention in the first half of the session is to give data on the number of jobs in the manufacturing sector of Germany, which will affect the currency market, where the U.S. is actively recruiting position against the euro. In general, the Russian stock market has reached the last three trading sessions pereprodannosti, the decline of the MICEX exceeded 7% and there is a minimum gap unfinalized today that the market may try to close during the trading week. During the week, expect the lateral corridor in anticipation of launch reporting season, which may encourage market participants, because, according to forecasts, accounts for the II quarterpromises to be good.

прикупить temptation shares on such attractive prices great, but do not forget the specifics of the domestic stock market, which is the significant factor otygryvaet movements in world markets. It is difficult to say when the fall, so investors should go to the cache, and speculators - to fix all the lucrative positions. In my opinion, has - is a negative point and a collapse of emerging markets index, which indicates the way the major investors in emerging markets.

outsider of today's session is the Russian oil and gas sector, which actively sold and western areas. Reducing ADRs on the majority of the shares of Russian neftyanki more than 5%. Technically, the majority of the securities has adjusted to the maximal levels of the year - the reduction of Gazprom, Rosneft, LUKoil has exceeded 20% - but the potential for downward movement continues. Entry point for medium-term investors may be levels of 200-day moving averages.

Shares of banking sector remain slightly better than the market. In my opinion, support is provided by the positive expectations for the season of accountability. Enhance your expectations forecast of Societe Generale that a bank record small positive net profit in the second quarter of 2009 due to good results subdivisions. Shares of banks in coming weeks could be interesting speculative tool.

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Ruble slabeet; liquidity shortage

Ruble to remain very cautiously reacted to lower oil prices. This morning the basket worth 37.00 rubles (12 cop. By Thursday). At the deposits accumulated in the central to today's morning around 724 billionrubles. (!) - This is the highest value since July 2007. So, with the ruble liquidity is no problem. Bidding overnight on Friday remained at 6.5%, ie only 25bp above the shortest deposit rate securities.

TGC-1 was placed

In debt trading market develops in a very quiet mode. There is a continuing interest in the most liquid bonds of the 1 st and 2 nd tier. In particular, there has been buying in issues of Moscow, Lukoil, Russian Railways, VBD-3 (YTP 13.57%), Sistema-1 (YTP 14.07%). Higher prices of these securities on Friday was about 15-20bp.

Last week ended with the deployment of a new bond issue by TGC-1. Despite the large oversubscription, the coupon rate was set at 16.99% (ie the middle of previously announced range of 16.5-17.5%). Thus, the two-year yield to put of the order of 17.7%. As soon expected attribution international rating company, which will ensure the inclusion of securities in the Lombard list. We have a neutral attitude to the new securities THC. In our view, the X5, with a comparable bond credit quality and the same Duration offer higher yield (18.4%)

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Section Bond Market You can find information on issues of corporate and municipal bonds, as well as learn about the planned deployment, the outcome of trades on the MICEX and read the comments on the bond market.

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Russia

The absence of one of their main targets for the Russian market - the stock trades on the U.S. site, while maintaining correct oil market enables the domestic market fall to 960p. MICEX index. It should be noted that the breakdown of the upper lateral border of the corridor in the oil market, also provides grounds for continuing the downward trend until 63,5-64 dollars per barrel Crude Light approached in this way to the 50 day moving average. Addressing this point will open the way to achieve the position of $ 60, without any significant levels of support. Thus, the main liquid Russian securities may present an opportunity to test the previous local minimum: Lukoil-1350r., Rosneft-165r., Gazprom - 153r., Gazpromneft - 95r., Surgutneftegaz JSC 21r. Sberbank JSC - 37r. VTB - 0,035 rub. Norilsk Nickel - 2760r.

Europe

European stock markets may decline on Monday after Asian markets, on a background of fears of economic recovery and the beginning of the season in anticipation of the annual accounts of companies. Papers energy companies can become market outsiders against the backdrop of lower oil prices below 66 dollars a barrel. Friday the dynamics of European shares was associated with negative changes in energy market

FT-SE 100	2.01	0.05%
DAX	-10.28	-0.22%
CAC40	3.10	0.10%

Asia

Asian markets declined during the current bidding on a background of negative trends in the market of oil and metals. Against this background, has a similar reduction of freight rates and a strengthening yen, as well as renewed fears about the restoration of a stable global economy. BHP Billiton Ltd. lost 2.4% at auction in Sydney, while Inpex Corp. - The largest Japanese developer of oil fields has lost 3%. Mitsui O.S.K. Lines Ltd. - One of the largest ocean carriers in Japan fell by 4.4% due to declining rates of carriage of up to three months minimum. Nissan Motor Co. Ltd. - Lost 2.5% at the auction in Tokyo against the backdrop of the continuing difficulties in the capital markets in the United States and Europe that could adversely affect demand.

NIKKEI 225	-135.20	-1.38%
HANG SENG INDEX	-192.76	-1.06%
SHANGHAI SE A SHARE INDX	38.17	1.18%
SHANGHAI SE B SHARE INDX	1.41	0.72%
KOSPI INDEX	8.90	0.63%

Closing bid for ADR GDR in the western areas was mainly positive.

Gazprom	1.61%
Rosneft	1.14%
Surgutneftegas	-0.11%
MMC Norilsk Nickel	1.15%
Rostelekom	1.16%
Gazpromneft	0.18%

Prices are per 1 share

* closing price of a receipt for the United States and European markets to the closing price of shares on the MICEX.

major macroeconomic statistical data suggest that attention to

The index of business activity in the service sector in June in the United States. The data will be published in 18-00 Moscow time.

MICEX (time schedule)

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In the Russian market on Friday maintained negative sentiment that arose on Thursday after poor statistics on the labor market in the United States and Europe. The volume of trades and market volatility was fairly low due to the output in the United States.

Particularly strong reduction of quotations was observed in the power, but a possible reason for this could be just lack of liquidity in those days. Also, it is likely that some investors decided to withdraw the cache at the end of the second quarter.

Fortunately, the market is still the oasis of growth - a very positive look on Friday sector steel companies. Perhaps the increase is attributable to the increase on Thursday the recommendations of the sector by several American Investbank. It is also possible that already were known performance of major companies for the 2 nd quarter (or speculators have decided to make a bet that they will be better than expected?).

In general, we believe that on Monday the Russian market still remains at the mercy of the bears - at least until the middle of the day, because once again raised concerns about the prolonged recession in the United States and Europe can not be reverse for one or two trading sessions. At the same time there is a sense that the bank shares have already been some demand - may be that many players are willing to rebuild long positions in shares of Sberbank and VTB after substantial correction from the May highs.

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In Friday trading on Russian markets were again volatile in nature. Starting the day with a slight increase that was generally inconsistent with the global dynamics, and oil prices in the second half of the day and in the Russian market was corrective wave. And although its capacity was still below expectations, however, the main market of the Russian blue chips ended the day in negative zone. MICEX index fell by 0.3% to 974.04 points and the RTS index fell by 1% to 950.24 points.

In the positive area was able to complete day Uralkaliy Securities (6.9%), SibTK (4.2%), Severstal (3.8%), CMI (3.4%), NLMK (3.4%), Rosneft (1.2%). The banking sector was also traded to better market: Sberbank (1.8%), VTB (1.6%), Renaissance (3.6%).

In the red completed the week of action NorNikelya (-1.8%), Gazprom (-1.9%), Rostelecom (-2%). U.S. court in connection with the Independence Day is not traded. In Europe, also dominated by sales and market looked worse than the commodity sector. Nevertheless, the exchanges were closed as a whole is neutral: FTSE index gained slightly less than 0.1% CAC40 index rose by 0.01%, DAX index fell by 0.22%.

Futures Brent oil varieties Breaks support $ 66/barrel, and with Monday morning trading at $ 65/barrel, which is a strong level of support. In the case of the dynamics of sales next objective is located in the vicinity of $ 55-60 per barrel and it is possible that not very positive makrostatistika, published last week will be an additional stimulus to the development of sales. At 18.00 Moscow time data will be published on an index of business activity in services in the U.S. (expected to increase to 46.7 from 44 points). Asia traded mostly in negative field.

We expect today to preserve the Russian market dynamics moderate sales and it is possible that the gap down at open areas will be within 1-2% of the closing Friday.

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