MICEX today to 12:30 Moscow time increased by 1,56% and has made thus 1 110.77 points.

In leaders bull trend in this were preferred and common stock of the Savings Bank, went up by 6,16% and 3,09% respectively. Sensitive information related to the dynamics of this quote in the media do not seem to appear. Against this background, it seems that such a change in prices of shares of the issuer reflects the emergence of the market sufficiently large investors that investing in Russia's stock segment want at the moment to avoid industrial risks.

The worst of the market this morning traded preferred shares of North-West Telecom, Sibirtelecom, and ordinary shares Urasvyazinforma, fallen in price on 1,72%, 1,89% and 1,70%, quotations which seem to'd play technical overbought , formed by them in recent weeks.

In addition, similar to the evolution of the capitalization of the former leaders of Russia's growth stock segment seems to be the cause of expanding the range of investment stock market operators of Russia.

In the short run there may be some decrease in activity of purchases on domestic and world market shares in connection with the important data released today the U.S. Department of Labor. However, in the end, the further growth of stock indices of Russia in the future the next few weeks is possible.

RTS index today on the results of the auctions has decreased on 0,98% and was, thus, 1,063.57 points. Indicator RTS-2, by contrast, grew by 0.69% to 999.98 Fri

In the market outsiders in the last trading day of the week, obviously, were the stocks of Russia's fuel and energy, price trends which have shown themselves to reflect the volatility in oil futures segment.

On the other hand, once again looked noticeably better than the market quotations of domestic banks. On the market there were rumors that Sberbank of Russia may be planning to placement of ADR.

The American stock market, after falling at the opening of trading, in the last hours was relatively active to rise, though, judging by the dynamics of quotations of gold, in the global investment industry feel significant nervousness.

However, perhaps the outcome of the meeting G20, which began today, yet will support Russia and world market shares. Certain statements and actions of the governing structures of the leading economies, published recently, in general, can hope to realize such a scenario.

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If you have to bank 10 million rubles. that's your headache, if the 10 billion rubles. - Is a headache bank

Russia's stock indexes finish week in the red zone, thoughtful players sold the paper in the morning, not taking the risks to American statistics. The controversial U.S. data was properly received by the market. Unemployment in the United States in August rose to 9.7% compared to 9,4% a month earlier, analysts had expected a smaller increase - up to 9,5%. The number of jobs in the U.S. economy in the past month fell by 216 thousand, an analyst predicted a significant reduction - to 230 thousand, however, for us the main lack of negative news. Once in Russia's stock market will go fears of lower oil prices and U.S. indices, would be available for purchase. Russia's paper in general are undervalued on the cash flows at current oil prices, and counterparts from other developing markets.

favorite of trading remains Sberbank, the most popular speculative idea. However, from a fundamental point of view is not so optimistic. And Sberbank's loan portfolio may present fall unpleasant surprises. It should be well aware that if you have to bank 10 million rubles. That's your headache, if the 10 billion rubles. - Is a headache bank. Gazprom has confirmed payment of Ukraine's gas supplies from Russia in August. Locally positive news for stocks of the gas holding. The main event next week will be a summit of OPEC. The next meeting of representatives of organizations will be on September 9 in Vienna. Perhaps maintaining current levels of prices for black gold on expectations of OPEC maintaining current production ceiling - 24.845 barrels per day. Current oil prices are satisfied with both suppliers and consumers.

auctions on Monday on our sites will be sluggish in the United States a day off. We believe that September, despite the known negative seasonality, would be better than the most pessimistic view.

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Russia

Financial performance reporting a number of trading companies in the U.S., became the main catalyst for growth in the U.S. stock market indices, thereby interrupting the sequence of four lower market. Costco - one of the leading representatives of the wholesale trade increased by 8,6% after the publication of positive results of the company abroad. Company Gap - garment premium added, the order of 7,6% to the closing of trading after the expected fall in sales was much weaker than expectations of market participants. Alcoa Inc. and Caterpillar Inc. became leaders of growth up to the day in the calculation of the index, Dow Jones, after a similar dynamics of trading on the Shanghai Stock Exchange.

Despite the fact that the bulk of Russia's highly liquid stocks continue to movement within the boundaries of trade corridors, the picture on the weekly chart of the MICEX Index, as well as leading stocks within it reserve the downside risks. However, the daily picture reduces the risks of data, increasing again the probability of moving laterally, as the most likely scenario for the situation. This variant mainly contributes to the situation on the oil market where the price of trying to get back above the level of support for the shattered pieces ascending triangle in the main corridor to the side boundaries 60 and 73 dollars per barrel Crude Light. However, in the case of an unsuccessful attempt to return to higher levels of support - $ 69, with a further breakdown of the 50 day moving average, continuing a downward trend will cause for a similar movement in Russia's bid. It is worth noting that bearish divergence on the weekly basis, between the Stochastic Oscillator and the price of the oil market continues to persist.

Europe

European stock markets fell on the basis of trading Thursday because of falling energy and pharmaceutical sectors. Pan-European index of blue chip FTSEurofirst 300 dropped to 0.04 per cent to 950.03 points. Indicative European index decreased for the fourth consecutive day, but this year has added 14 percent. The largest decline was registered in the quotations of the pharmaceutical sector. Paper AstraZeneca, GlaxoSmithKline, Merck, Novartis, Novo Nordisk, Roche Holding and Sanofi-Aventis fell 0,6-2,2 percent. The banking sector has demonstrated growth: Indexes HSBC, Lloyds, Royal Bank of Scotland, UBS, Deutsche Postbank and KBC Groep added from 0,3 to 9,9 percent.

Asia

Asian shares are multidirectional dynamics during today's trading with the MSCI Asia Pacific Index, demonstrating the negative dynamics against a background of lower brokerage recommendation for shares of Seven I Holdings Co. and Hynix Semiconductor Inc. in the opposite direction of the rally in the metal market. Seven I-leading operator of chain stores within reach fell by 2.3% in trading in Tokyo. Hynix Semiconductor Inc. - The world's second largest producer of components for computer equipment lost almost 6% in trading in Seoul. Zijin Mining Group Co. - The largest gold miners in China rose by 3,8% after the price of the metal rose to a six-month highs.

U.S.

The American stock market on Thursday closed in positive territory, after which lasted for four sessions of decline due to optimistic data on retail sales and renewal in the service sector in the United States to reassure investors about the state of the world's largest economy. On Friday, to be published data on unemployment in the U.S. in August, which may shed light on the situation of the American economy. The financial sector this time was one of the leaders of growth. Equity Bank of America went up by 3.5 per cent, Citigroup - by 4,8 percent. The index of the banking sector as a whole has increased by 2.3 percent. Index traditional sector of the U.S. economy Dow Jones industrial average rose 0.69 percent to 9.344,61 points. The broader index Standard Poor s 500 gained 0.85 percent to 1.003,24 points. Technological Nasdaq Composite Index rose to 0.82 percent to 1.983,20 points. Compared with the level of 12-year low, marked at the close of the New York Stock Exchange on March 9, SP index rose by almost 48 per cent.

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.

Recommendation: From the main macroeconomic statistics suggest note on the numberof new jobs outside agriculture in August in the U.S., as well as the unemployment rate for the same period. The data will be published in 16-30 Moscow time.

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Shopping at the opening Friday led to an area 108 500 points on futures on RTS Index (RTS-9.09, RIU9). The current situation can be regarded as a continuation of working out the range of 103 000-112 000 points, or as the beginning of the rally.

We remain negative expectations for the market, andtherefore recommend to play for a fall. A good opportunity for sales is presented in the area of 110 000-112 000 points. Stop in this case can be placed above the 112 500 points.

In the case of a long positions recommend that you place the stop loss below 105 000, or 103 000 points.

futures on the euro-dollar (ED-9.09, EDU9) remain open recommendations short positions with a stop above 1.435-1.44. The purpose of sales - 1.42, 1.4.

Futures on the dollar-ruble (Si-9.09, SiU9) traded at around 31 600, where the possible purchase with a stop below 31 500 or 31 300. While the CBOT continues to move in the range 31 300-32 300.

futures oil varieties Brent (BR-9.09, BRU9) for speculative buy with a stop below $ 67. Upon reaching the district $ 69 recommend selling with a stop above $ 70, or $ 71,5.

gold futures (GOLD-9.09, GDU9) consolidates after reaching local maxima, which increases the chances of breakdown of the $ 1000. Stop long can be placed below $ 980 or $ 960. Speculatively possible discovery of short positions with a stop above $ 1000.

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On Thursday, the growth of quotations on the Asian markets has allowed Russia to try to win back market suffered a day earlier losses, the MICEX index in the first hours of trading gained more than 1% and rose to 1 090 points, while during the day, despite the rather sluggish external environment, returning to the mark 1 100 points, but could not keep her because of the adverse trading began in the United States. At the same time due to technical failure on the MICEX trading was halted with 15:32 to 17.00 IST. Following the session, the MICEX index was 1093.72 points (1.58%), the RTS 1 074.05 points (1.98%).

It should be noted that yesterday's increase in Russia's index would have been much more moderate, if not for a new round of rush of interest in the shares of Sberbank. Ordinary shares of the Bank (7.96% per day), breaking the point of 50 rubles per share, may now try to repeat the June local maxima in the region of 55-56 rubles. Preferred shares of Sberbank rose 4.49%. Index of financial sector MICEX FNL 2,9%, was the best among the sectoral indicators MICEX.

second locomotive of Russia's market was the steel sector, where shares of Polyus Gold (8.24%) and Polymetal (3.4%) reacted to the rise of quotations of gold and silver, and Mechel's shares (8.16%) occurred more than a dynamic rebound to fall protection. Metallurgical MICEX MM 2,43%.

In electricity, there was mostly positive momentum of the leaders - OGK, the best result of which showed the WGC-6 (4.12%) against the background of a strong reporting under IFRS for the first half of 2009. Net income rose nearly 48 times and amounted to 2.68 billion rubles. The main factor for the growth of profits has been a dramatic reduction in cost (-16%), while revenues over the same period in 2008 grew by only 0,4%. Electricity MICEX PWR 0,5%.

oil and gas sector against the backdrop of sluggish oil prices also looked blankly, a number of chips sector finished the day in the red, including Lukoil (-0.38%) and Gazprom (-0.54%) MICEX OG 0,25%.

In the telecommunications sector after the spectacular growth of the previous days there has been a correction in a number of papers, the hardest hit prefecture Uralsvyazinform (-8,45%), MICEX TLC -0,7%

Expectations for today: on foreign stock markets today remain positive market conditions, as a result of the MICEX index is likely to be able at least in the early trades to rise above 1 100 points. In this dynamic during the day, is likely to be volatile as the markets will wait for one of the most important at this week's statistical releases - Statement of Changes in the number of jobs in the U.S. economy. Stagnant oil prices also do not inspire optimism. In general, Russia's market continues to move in a narrow consolidation, out of which, in our opinion, is more likely down than up.

Today is expected to be published next block of data on unemployment in the U.S. (off-farm employment and the unemployment rate for August). Predicted a continued short-term dynamics of the U.S. market is difficult: because after several days of declines, which would seem to indicate a possible beginning of the correction in the market, growth has resumed, and we can not say that, for this was a really serious reason.

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