Past meeting yesterday cartel OPEC does not affect the situation on world markets, because it was all long been understood and expected. If the MICEX index has long been held up their highs in August, thanks to the dynamics of the Savings Bank, many other papers as yet have the potential for further growth: and Lukoil, and Gazprom and Surgutneftegaz, and the MMC: I believe that Sberbank calmed down and fall, while raw paper help compensate for this, but nne quickly. While for us is cheapening the dollar on the interbank market, which gives support to the commodity market and does not happen all at adjustment Russia market. , Released statements Sberbank (-0.8%) for the I half showed reduced net income by 10 times compared with the same period last year, while the official rate of overdue debts rose to a mark of 6.4%. Tomorrow, the CBR could once again cut interest rates, as banks have to somehow make loans to real sector of the economy.
On the U.S. market trading was closed by growth of leading indexes. Pretty good market perceived increase analysts from Goldman Sachs rated U.S. industrial companies with the level of neutral to the level of attractive, which contributed to the growth of quotations in this sector. As a result of trading on securities increased 2.6% multi-industrial group General Electric, and securities Illinois Tool Works increased by 5%.
At the 3% in trading securities rose the world's largest online auction EBay, after analysts at Sanford C. Bernstein raised recommendations on the at market to above market. Managed to consolidate its position on the trading floors and the second largest in the world, food manufacturers Kraft Foods, which is currently in talks to raise financing in the $ 8 billion to buy the British confectionary manufacturer Cadbury. Following the bidding company's shares rose 1,5%.
Favored bidding ended and the financial sector. At 1,4% and 5,7%, respectively, increased paper network operators MasterCard credit cards, and Capital One Financial Corp. after raising them for recommendations from Citigroup. Amid increasing recommendations by 2,7% in the expensive and securities trading bank Morgan Stanley, a securities mortgage insurer Radian Group added 6.5%. At 1,9%, 3,8% and 9,7% respectively, increased the shares of financial insurer MBIA Inc., Ambac Financial Group Inc. and Genworth Financial Inc. Best of all securities traded pharmaceutical company Vivus - by 71% after the company's management announced the laboratory test data showing the effectiveness developed by the drug against obesity under the brand Qnexa. On the oil markets, the price of Brent crude oil on Wednesday for the first time this month exceeded the value of $ 70 per barrel. Price mark Light Sweet came very close to the rate of $ 72 per barrel. In Vienna, continuing the meeting of oil ministers of OPEC countries on strategies for the international oil cartel in the global oil market before the end of this year, and 99% of all market expectations are reduced to the fact that the meeting decide to maintain the current restrictive quota of oil production and bring them in line with her real oil. Additional factors that influenced the growth of oil futures has been increasing interest in Europe, and the depreciation of the dollar on the Forex market the euro, British pound and
Swiss franc.
Lately, market participants prefer a more risky compared to the dollar assets, and oil is now the most accessible and attractive one. Recall that since the beginning of the week oil futures have risen by about 5%, whereas last week they often traded below $ 70. Crude oil futures are now a good way to hedge investments against inflation against the background of the depreciation, while the U.S. currency issued in the oil futures becomes more profitable to buy outside the USA.
On Wednesday, the euro /dollar peaked this year at around 1.46, after which the dollar has grown somewhat, as oil prices fell from intraday maximum of $ 72.52. We can not say for sure that the dollar reached its bottom, so one can not say that energy prices have reached a local maximum.
Possible expansion of the U.S. economy could lead to an increase in the dollar in the long term, but some investors say that the economic recovery will contribute to the rapid growth in oil demand, which enables many refiners to sell excess energy reserves that had accumulated over the last year. But, nevertheless, even in the recovery of the world economy should be some time before demand really starts to grow. According to the forecasts of the Ministry of Energy, world oil consumption in 2009 will fall by 1.78 million barrels per day to a level of 83.76 million barrels per day. Many predict that the consumption of oil in the world will return to reached in 2007, the year highs just three or four years.
Today in Russia the market after a positive opening of the front-runner looks like oil and gas sector, because it transferred funds from the banking segment, and power should feel relatively well. From the statistics, select the data of the American Ministry of Fuel oil stocks (preliminary data from the API registered a decline of crude oil at 7.2 million barrels, which coincided with the expectations of market participants), and data to apply for unemployment benefits at 16:30 Moscow time. U.S. indexes set new highs, which could easily be adjusted, like gold, which, after penetration of technical resistance levels in a state of correction. If the shares of the Savings Bank and will continue to rise, it will be used solely for profit-taking, and reporting can be an occasion for a broader fix.
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