Ladies and gentlemen!

After five minutes on the web site will begin conference on: Aviaotrasl losing height .

Many foreign airlines are now taking various measures to maintain traffic flow and minimize losses: some offer additional paid services on board, others - offer passengers to save on luggage and travel only with hand luggage, others - save for the cutlery and nuts and beer. Nevertheless, the forecast of International Air Transport Association in 2009 will be the most unfavorable for aviaotrasli over the past half century.

affairs of the carriers in Russia and to the crisis was the not the best way: according to the Ministry of Transport, 85% of the equipment and runways of airports country has developed its own resource, or come to this border, a fleet of many regional airlines want to upgrade. As now the situation has changed?

What steps are needed now to address the backlog problem? And that the airline to minimize losses due to reduction in passenger and freight transport?

What changes have taken place in the Russian aviaotrasli under the influence of the crisis? And what will happen in the future?

Conference participants:

Olga Sokolova , the general representative of Avia Solutions Group

Marina Bukalova , the general director of airline SkyExpress

Anna Krasnova , a member of the expert council of the Russian State Duma Committee on Transport

Alexei Sinitsky , the chief editor of Air Transport Review

Oleg Panteleev , editor of the analytical department of the agency airport

Boris Fishman , Director General of the Agency konsaltinovogo Infomost

Eugene Shago , head of analytical department of the CC Ingosstrakh-Investments

Konstantin Romanov , analyst IK FINAM

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Trading on the Russian market were in the same vein, falling in small quantities. The market opened lower prices: the MICEX index fell nearly 900 points (-2.7%), against a background of negative dynamics of American markets, as well as the weakening of oil. During the day, Russian indexes traded in the red. Positive contributed only left in the middle of the day on promproizvodstve in Germany, which grew by 3.7% compared to the previous month. Toward the evening went on commercial oil stocks in the United States, which declined in the week to 2.9 million barrels (0.8%), gasoline stocks rose by 1.9 in front of millions of barrels (0.9%), the data led to further correction in the oil market, the 19.00 mark WTI traded at 61.46 per day lost -2.35%.

MICEX index closed at 904.58 (-2.42%), RTS index 889.77 (-3.72%). In the steel industry only CMI (4.21%) closed in positive zone, the fall has become a leader SeverStal (-5.19%), the oil sector fell by an averageof 2,5%, Gazprom (-3,8%), Rosneft (-- 2,51%), Novatek (-1.67%), Gazpromneft (-1.24%), Surgutneftegaz (-4.42%), Tatneft (-4.78%). The financial sector has lost an average of 2.5%. Investors are still waiting for lower levels, the fall is not accompanied by large volumes.

Following the news that Evraz (-11.4%) posted the bond for $ 600 million and the GDR at $ 300 million, shares of the company proseli. There was selling in all the regional telecom except Dalsvyaz.

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Trading on Russian stock market on Wednesday held in a negative way, which mainly contributed to the situation in foreign markets, which also provoked a sharp decline of the domestic currency against the dollar. Opening, as expected, was to break down, resulting in the MICEX index hit on the level of support in the region of 900 points, followed by cannon, is a positive influence on the index futures added U.S. and cannon up quotations oil. Published macroeconomic statistics for the euro area GDP coincided with predictions: the data were positive for Germany, where industrial production grew by 3.7% with projections of growth on 0,5%. As a result, the MICEX reached a daily maximum, and then again adjusted.

Until the end of trading session, the dynamics will be quite volatile, so I recommend to stay away from the market until the release of oil and petroleum products in the United States. According to the American Petroleum Institute (API), the growth stocks of gasoline in the United States last week reached 767 thousand barrels to 212.4 million barrels, which would mean an increase of gasoline stocks the third week in succession and will be negatively perceived by investors. In the case of sharply - the negative statistics suggest a reduction of position, since the prospects for tomorrow's session is uncertain.

According to the intraday dynamics of futures for U.S. indices, and the nervousness is present on American sites, because of the expectation of reporting Alcoa, which should be published after the closing auction in the United States. It is projected that for the II quarter loss would be 0.38 cents per share, so even after the finish trading session in the States the situation could change dramatically. So the basic guide to start tomorrow will be futures on U.S. indices. From the perspective of tomorrow will be interesting traditional data applications for unemployment benefits, as well as data on wholesale inventories in the United States.

Technically, the MICEX index continues to move in short-term descending channel, formed in June 2009, the lower limit of which is in the region of 880 points, in the case of negative tomorrow could be a powerful support. The nearest resistance is a strong level of 960 points. Volumes in the current bid is lower than in recent trading sessions, demonstrating the benefit of speculators, as the main medium-term investors are already out there.

Shares of Russian oil and gas sector are falling. The reduction is defined primarily technical potential corrective movement down. Slightly better looking stock Lukoil, are consolidated in the region of 200-day moving for the past three trading sessions. Shares of Gazprom head the list of outsiders, rapidly decreases to a level of 200-lnevnoy sliding, located in the vicinity of 135 rubles., Which I recommend to build positions in the purchase. Support for the shares of Rosneft made a standard in the area of 38,2%-term correction of Fibonacci. For the majority of shares neftyanki not closed gepy that allows you to count on strong technical rebound, which may strengthen the positive statistics, however, recommend use it for speculative purposes.

Shares of banking sector in the absence of the ideas demonstrated obscherynochnuyu dynamics. Despite attractive rates for purchases, I recommend to stay away from the medium-term purchases of securities of banks. Speculators is to draw attention to the banks in anticipation of the season, reporting of financial structures, which will open next week at Goldman Sachs.

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The index of the Frankfurt Stock Exchange Xetra DAX fell 3.47 points (-0.08%), and is at the level of 4594.72. The index of London Stock Exchange FTSE 100 fell 8.85 points (-0.21%), and is at the level of 4178.15. The index of the Paris stock exchange CAC 40 dropped 22.85 points (-0.75%), and is at the level of 3025.72. September futures on the index on the Globex SP 500 rose 1.1 point at 880.4. Opening of the American stock index today is expected to top.

rate euro /dollar, after falling to 1.3858 marks established some level of 1.3900. Pound /dollar fluctuations commits near 1.6100 marks. Course dollar /yen has stabilized around the level of 94.30. Dealers noted that activity on the forex market is low. Investors are awaiting the outcome of the meeting of representatives of G, which began today in Italy.

clarify the meaning of the index ofgross domestic product (GDP) in Europe (16) for the first quarter of 2009 was -2.5% for the quarter, -4.9% for the year (forecast was -2.5% for the quarter, -4.8% for the year preliminary value of -2.5% for the quarter, -4.8% for the year).

The index of industrial production (Industrial production) in Germany in May was 3.7% for the month, -18.1% for the year (the forecast was 0.5% for the month, -20.0% for the year, the previous value of -2.6% for the month, -22.2 % per year). After the release of data in Germany, the euro /pound rose to 0.8669 marks, which is 50 points above the current minimum.

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United States

Futures on the SP 500 index increased by 0.2%.

Europe

European markets traded with a slight decrease. European FTSE Eurotop 100 index of -0.3%, Britain's FTSE 100 -0.03%, German Xetra Dax -0.33%, French Lyxor Cac 40 -0.76%.

Despite the positive data from the German activity at very low levels, the indexes almost do not change their values. Industrial production in Germany in May rose by 3.7% compared to the previous month, annualized rate fell to 17.9%. It was expected that in May promproizvodstvo increase by 0.5%. Monthly output growth has been most significant in the last 16 years and may signal a gradual restoration of a major European industry. Also today came the revised estimate of GDP on the euro area in the I quarter. According to these data, the euro area GDP in the I quarter decreased by 2.5% compared to IV vartalom 2008, at 4.9% compared to same period last year. Expected to decrease by 2.5% and 4.8%.

The second day of falling shares of insurance companies. Legal General -4.7%, Aviva -4.3%, Prudential -2.1%. In the mining sector is not unified dynamics. BHP Billiton 1.2%, Rio Tinto 0.1%, Anglo American -1.1%, Xstrata -1.4%, Vedanta Resources -3%. After yesterday's growth stocks falling steel producers ThyssenKrupp -1.5%, Salzgitter-1.8%.

Oil

Oil prices consolidated near the $ 62 mark in the spiral of decline after the next day. In addition to strengthening the U.S. pressure on black gold quotes provided data from the API (American Petroleum Institute). According to the Institute of oil fell by 1.4 million barrels., While the expected decrease of 2.4 million barrels. Were negative on stocks of petroleum products. Stocks of distillates last week rose by 3.4 million barrels. And gasoline stockpiles - on 767 thousand barrels., While analysts had expected an increase of 600 tys.barr.

Today at 18:30 will be the official data on the stocks of the U.S. Department of Energy, which will determine the further direction of the oil. Now Brent futures in the red by 0.4%. Spot Brent $ 62.18, WTI $ 62.93.

Russia

The market opened down 3% gepom on an external negative, then the gap has been partially redeemed. Now the market virtually does not move, waiting for any news from the western areas. At 15:20 Moscow time the MICEX index declines by 1.65%, 3.26% on RTS. Trading volume on the MICEX stock market following yesterday's level and account for 24 billion rubles.

leaders in reducing the power of paper, which yesterday ahead of the market. TGC-1 -6%, OGK-5 -4.7% -4.2% InterRAO, RusGidro -4.1%. Metallurgists Severstal shares fell -3.6%, NLMK -3.3%, MMC Norilsk Nickel -0.6%, but continues to surprise with CMI 3.3% to 3% after the previous day again adds.

The oil and gas sector continues to decline under pressure from oil prices, but the motion is inertial in nature. Paper resold locally, the players prefer not to carry out active operations in anticipation of the release of reserves, followed by possible heavy traffic. Surgutneftegaz -2.8%, -2% Rosneft, Gazprom -1.5% -1.2% Lukoil.

better market shares of Telecom. Today the media reported that AFK Sistema will sell blokpaket Svyazinvest State. The essence of the transaction is to transfer the shares in exchange for debt-offs. AFC will give 25% plus one share Svyazinvest and 50% of mobile operator Sky Link. In turn, the corporation will receive 23% of MGTS OAO Sberbank and debt of $ 26 billion. The deal would initiate the restructuring of Svyazinvest, since the State will get rid of minority shareholders. Also appeared information that Sviazinvest can combine mobile assets around Vympelcom. Combining the cellular assets of Svyazinvest and Vympelcom will create a telecommunications holding company with revenues exceeding $ 20 billion

Outlook

some recovery may occur after lunch. It is very important to have data on stocks of petroleum and petroleum products in the United States, which will be at 18:30. They will determine the further direction of movement of oil, which for the Russian market remains the number one factor. It should also draw attention to the G8 meeting in Italy, but events that may affect the markets, at a meeting likely will not.

From the technical point of view, the market closed yesterday near the level of support for 930 points on the MICEX index, which is in the morning was gone immediately. Another aim of becoming a standard of 880 points, but the market is trying to gain near 900 points. Given the strengthening of the negative sentiment in the market, lower activity and a decline in liquidity further downward movement and to achieve levels of 850-880 points seems quite plausible. Speculators, I recommend playing on purchases, because local market transaction, but the record profits as the market rebound. Medium-term investors recommend slowly build up positions on the pleadings, I recommend a long-term investors to hold the position.

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Waiting for a miracle

Mid-week is marked by sales. America prior to bid opening to the negative sentiments in the same vein was the whole trading session. The reason - fear of the bidders kasaemo of company reports for the second quarter. Losses were as follows: Dow Jones -1,94%, SP 500 -1,97%, Nasdaq Composite -2,31%. In the Asia-Pacific indices behaved similarly - on average lost nearly per cent.

On such a background of external opening of Russian sites have passed under the sign of catch up with and ahead of fellow. Further, the market shares of those who started trading session substantially lower levels of the closure of the previous days, was the new bit, the one who opened the day with a mild negative gepa, began to decline. At the moment the situation as follows: Surgutneftegaz -3.12%. Rosneft -2.34% -2.30% VTB, Sberbank -2.23% -1.86% Gazprom, Lukoil -1.47%.

By noon the negative external background played, and now are waiting for news from outside, but today will be a lot of them: the statements of leaders of the Group of Eight, the results of meetings of the Bank of England, the macro-economic data from Europe and the United States. As we can see reasons for changing attitudes предостаточно, and bidding may be accompanied by high volatility. May trigger the growth of accounting for companies who were significantly better than forecasts, but the miracle is unlikely. Now the trend is not clearly defined. It remains to wait and have to act as it becomes available. Do not forget that we are tightly intertwined with the quotations of oil, while reducing them from collapse, nothing will keep us.

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Russia

Reducing American stock market was below the level of support for May 2009. opens the way for the main index DJIA position to 8000p. and further reducing the potential for up to 2%. Current concerns related to the slowdown in consumption expenditure in the technology sector, as well as the possible collapse of corporate profits, unable to justify the previous rally. Microsoft Corp. and Google Inc. lost nearly 3% after the data from Gartner Inc. waiting reduction of consumer spending in the technology sector by 6% during the year. Discover Financial Services fell 11% in anticipation of increase in capital by selling additional shares in the amount of $ 500 million. Actions leading U.S. oil refining companies - Valero Energy Corp. decreased by 4.7% against a background of similar dynamics in the market of gasoline, the price of which has reached two-month minimum.

domesticmarket is likely to have to test the previous level of local support for the 880p. MICEX index in the next trading session, taking into account the dynamics of the oil market and overseas sites in connection with which the possibility of positions at the level of 870p. with stop-loss in the region of 840-850p. MICEX index is still valid. It should be noted that short-term oil market can support the data of the U.S. Energy Information that will appear today at 18-30, but will not be so pessimistic.

Europe

European stock markets fell the fourth consecutive day due to loss of electric power and petroleum sectors. Pan-European index of blue chip FTSEurofirst 300 fell 0.79 percent to 826.44 point, rising during the day to 840.27 points. However, the index was still 28 percent above the historical level, shown at the beginning of March. Worst of all, a Tuesday for electricity companies: Paper GDF Suez, E. ON, National Grid and Centrica fell by 1,7-4,1 percent. Shares of oil companies after oil cheaper: quotes Royal Dutch Shell, Repsol, Total, ENI and Cairn Energy fell by 1,2-3,4 percent. Today's opening of tenders in Europe may be in the negative zone on a sharp decline in U.S. markets and Asia in connection with the information about the need for new incentives for the U.S. economy and weak commodity prices.

Asia

Asian markets decline in the last six trading sessions in a massive decline of industrial jobs in Japan, resulting in a strengthening yen to six-week highs against the euro and the dollar. Mitsubishi UFJ Financial Group Inc. - The biggest Japanese bank with a listing on the Stock Exchange lost 3.4% against the backdrop of slowing down the process of crediting people. Jiangxi Copper Co. - Chinese producer of copper lost 2.1% at the auction in Hong Kong against the backdrop of a long protracted decline in prices for metals. In turn, the growth of yen continues to adversely affect the shares of exporters - Honda Motor Co. with 45% of sales in North America declined by 5.95% at auction in Tokyo.

United States

The American stock market has lost two percent on Tuesday and dropped to levels of 10-week-old, as investors decided that talk of a new portion gospomoschi bury hopes for economic recovery and predict a bad season of corporate accountability. A member of the team of economic advisers to the White House said on Tuesday that the United States, possibly to prepare the second batch gospomoschi to stimulate economic growth. The statement called into question the scale of the recent rally in the market in anticipation of global economic recovery, rising share prices by 40 percent since March. Market participants will have the first idea of the coming season of corporate accountability since the publication of quarterly results on Wednesday, Alcoa Inc, which traditionally opens the season.

Closure ADR GDR trading on the western sites were divergent in nature.

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 to draw attention to the reserves of petroleum and petroleum products during the previous week, as well as the Consumer lending in May this year. The data will be published in the 18-30 and 23-00 on Moscow time.

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