fall of the dollar caused the increase of our index

Neutral positive start to trading on Tuesday was followed by dinner and had the MICEX index adds immodest 2,4%. The impetus for the growth of quotations on the stock and commodity exchanges has been given to the foreign exchange market, which was strong depreciation of the dollar against the euro. In addition to the commodity market, today as leaders in the growth of our banks, led by Sberbank (4.2%) and VTB (4.4%).

There are many arguments in favor of long imminent devaluation of the dollar. Today is the catalyst for breaking the resistance at EUR /USD 1,4360, became positive data from Germany, which showed growth of exports in July to 2,3% m /m and increasing current account surpluses. Its part of the bear sentiment on the dollar and bring the latest UN report, which indicated the advisability of replacing the dollar of the new global currency. This leading international organization offers a radical reform of the global financial system since the Second World War. Euro /dollar exchange has gathered all the stops confidently passing above the 1.44 mark, and now has every chance to get closer to the level of $ 1.4500.

desire to protect their assets from depreciating dollar, led to continued growth in pricesfor gold. Afternoon quotes gold peaked at $ 1,007.5, thus, the path of prices for this precious metal to $ 1100/unts open and free. This brings up a strong movement of gold shares: 3.7% Polyus Gold, Polymetal 3,4%. Along with precious metals, rushed up today as industrial metals (copper 2.1% nickel 4.1%) and oil (Brent $ 68,3; 2,7%). This is a general rise in prices of raw materials inflated quotes our oil, metals and mining companies. Quotes of raw materials and warm high expectations for Friday data on the Chinese economy.

Separately want to say about the banks. Obviously, climb Vneshtorgbank and Sberbank is interesting, especially to our state. The logic is simple: if there is a rise of VTB quotations above the SPO (about 5 cop.) In order to change the eyes of investors relating to these securities, unlike how it was for an IPO. Permanent shares climb Sberbank is clearly not market-driven and just displays quotes at higher price levels. It is necessary for successful SPO Savings Bank this fall. The fact that under the SPO Sberbank going to attract not only gosdengi, but the money of western and private investors, but given the cheap shares of the largest bank in the country no one wants. Moreover, Sberbank only now reached the half of its pre-crisis capitalization, although the concern Gazprom has long been half its previous value.

European investors this afternoon, took time out, deciding to await the resumption of trading in the States. In the second half of the day does not leave any vital statistics. I think our stock market indices at current levels will be included in the zone evening volatility.

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MICEX today to 12:30 Moscow time increased by 2.18% to 1 136.18 points.

In the market leaders today are once again preferred shares of Sberbank, went up by 9.02%, which continues to win back investors expected deployment ADR Sberbank of Russia.

There is still a high demand of paper Sollers. Today they went up by 4.75%. The market continues to reflect in terms of capitalization Rostehnologii rumors of impending unification of Russia's largest automobile corporations.

Finally, just as yesterday, rising prices of gold futures provided a relatively favorable dynamics of quotations of shares of OJSC Polyus Gold , which up to two hours of trading on Tuesday added to the cost of 3,56%.

no significant adverse changes in prices Russia's most liquid stocks of issuers in morning trading Tuesday demonstrated, perhaps, was not. It may be noted only ordinary shares Dalsvyaz, as well as preferred shares of North-West Telecom and Uralsvyazinform, fallen in price on 0,65%, 0,59% and 0,57% that apparently was dictated by the influence of technical factors.

In general, the investment situation in Russia's stock market appears to be relatively favorable. Relatively high chance of raising quotes Russia's stock market indices in the light coming into the market of macroeconomic and financial information in the coming weeks, seems to persist.

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results of the previous day:

Monday on Russia's stock market was organized another attempt to reach the maximum marks the end of summer.

RTS index soared to 2.77% to 1093.04 points, MICEX - to 2.43% to 1111.92 points. Trading volumes in mind the celebration of Labor Day and the absence of major macroeconomic data were recorded at low values.

yield ambiguous data on unemployment in the U.S. is not confused by American investors, who decided not to spoil his mood on the eve of Labor Day. Together with the outcome of the summit of Finance Ministers of the 20 largest countries in the world in London, which has, expectedly, to reach agreement on the commitment of previously developed measures to stimulate the economy, and therefore maintain the current level of liquidity, found himself in financial markets, it supported the position of the optimists at the auctions in Asia . It did not spoil the weather on the stock markets, China, the synthesis of which Shanghai composite index continued its recovery, playing how to increase the limit the ability of foreign funds buying of local shares to $ 1 billion. In turn, the positive dynamics of equity markets contributed to similar movements in the markets of industrial metals and black gold that set the upward vector opened with a gap at the top auctions in Russia.

Evaluation of 1100 points on the MICEX index has again become an arena of confrontation bulls and bears have at the end of the first hour of trading. Which opened Europe, got in addition to the outcome of the meeting of Ministers of Finance G-20, another driver in the form of possible absorption Cadbury strengthened the position of the optimists. However, before dinner, after adjusted oil prices helped to restrain the growth pessimists their onslaught. Standing at 1,100 points up with the release occurred only with the publications were significantly better than forecasts data promzakazam in Germany, which made the price of oil from the corrective phase and prevented bear feet.

By the end of the day against the background of a stable situation with the external indicators and internal developments will subscribe positive persuasion remained optimistic mood prevails. Under their influence the MICEX index went up again by the turn of 1112 points, above which lead to the loss of gravity to the psychological level of 1100 points, near which the market is marking time during the third week already.

As a domestic energy factor supporting the growth of the statements made by the head of Economic Development and Trade Elvira Nabiullina, which clothed previously sounded optimistic comments Finance Minister Alexei Kudrin and First Deputy Prime Minister Igor Shuvalov to rebuild Russia's economy in the numbers. At a meeting with Prime Minister Vladimir Putin, it voiced its forecast that the GDP growth rate in the second half compared with the first amount to 3.9% -4.5%.

By the end of the day were announced the results of the SPO bank VTB. As expected, the additional issue was placed successfully, the bank attracted by the participation of the state required 180 million rubles, and the price was 4.92 kopeks. That is higher than the previously leaked to the media estimates of 4.8 kopecks. With this information, VTB shares (9.35%) in the last hour of trading confidently took the lead among the most liquid securities. The acts of the Savings Bank (obyk. 4.08%, to inculcate. 6.63%) significantly modify rally held as failed, in the second half of the trading session of a new round of buying back the paper to intraday highs. Thanks to this financial sector Micex FNL finished the day increase of 4.3%.

In the steel sector accounts for the first six months of international standards provide the company Severstal. The published financial results were far worse than forecasts due to the negative contribution of foreign entities, but Severstal shares (2.81%), in advance to prepare for such a scenario, as well as on the actions of competitors: CMI (2.93%), NLMK (2.77%) is not adversely affected. MMC Norilsk Nickel (2.58%) looked a par with the market due to high demand for shares of mining companies in the world. Bridging the gap between current quotes and psychological level of $ 1000/untsiyu in the prices of yellow metal, which could start a backlash, making zeal buyers Polymetal shares (0.77%) and Polyus Gold (1.58%) is more restrained, which in turn will reduce the results of metallurgical index Micex MM (2.06%).

Oil and Gas Sector Micex OG against the background of the positive trend in oil prices has increased its weight by 1.94%. Gazprom's shares went up by 2.77%. Support for them had a president, Dmitry Medvedev, in Ukraine's proposal to change the terms of Russia's gas transit through the country. Also, the president implicitly disavowed Prime Minister Vladimir Putin that Russia will not consider the precise implementation of the agreements take or pay in connection with the global financial and economic crisis. Lukoil (1.06%) once again looked worse than the market. In anticipation of reporting on international standards for the first half shot paper Gazprom Neft (4.3%).

look at today's market:

taken place because of the celebration of Labor Day trading session in the United States contributed to a lesser involvement in the events market participants in the Asian stock markets (MSCI Asia Pacific 0.6%). Cautious optimism gave an index of confidence in the business community of Australia, has risen to a six-year maximum, and have not yet exhausted its relevance results of the summit in London of finance ministers of G-20. Japanese stock market felt the pressure from the published data on the balance of current account balance of payments were far worse than estimates of experts. At the same time, Taiwan's stock market welcomed the decision of the Prime Minister to leave his post after he failed to cope adequately with the aftermath of Typhoon Morakot. Futures for U.S. stocks on Tuesday morning are near zero. At the same grades they were, when Russia's stock market closed. Oil prices on the sort of WTI per night managed to lose in the price of $ 1 but on Tuesday compensate for these losses ($ 68.48/barr.)

Russia market, thus, will open with a slight gepom down, after which any particular time will try to stand on the levels reached yesterday. Bulls may attempt to go beyond the level of 1112 points on the MICEX index, which would open them the way to a peak of August. But not in their favor would play in the overall neutral external background and accumulated overbought. Due to the fact that today only the expected data on industrial production in the UK (12-30) and Germany (14-00), it is likely that most market participants will want to focus on the resistance level of 1,112 points, and to take profits and wait for clearer signals from outside markets. This could become tomorrow's publication of the Fed Beige Book. The range of oscillation may reach 1090-1110 points.

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