The American stock market (SP 500 0.63%) rewrote the maximum level since the beginning of the year. Negative opening, followed amid the threat of a trade war between the U.S. and China, was used by most players as an opportunity to build long positions. Increased attraction to risk relentlessly pushing share prices up, despite the absence of significant factors. The only more or less reasonable explanation of the available growth expectations are publishing environment favorable figures on retail sales, while held in by a number of dignitaries were very positive, in general, not so much.

So the head of the FBI San Francisco Janet Yellen recorded himself in the camp of those who are of the view that economic recovery will be weak and slow. In her view, the weakness of the economy is more dangerous than the probability of loss of control over the pressure of prices. Also spoke to reporters, President Barack Obama on the anniversary since the collapse of investment bank Lehman brothers. In his speech he noted that he was inclined to see the project approved by legislators to reform the financial sector, which will help prevent future similar to the current crisis. Reform implies a tightening of the rules of transparency and accountability, and increased performance requirements of leverage and liquidity, as well as the empowerment of a new regulatory structure with broad powers in the event of cases of too big to fail. The latter can cause the opposite effect, reflected the deterioration of discipline members of the financial system, has decided not to accept Richmond Fed President Jeffrey Leker. Head of Finance and the Senate Banking Committee, Barney Frank and Christopher Dodd have confirmed the words of Mr. Obama that such a bill probably will be adopted before the end of the year.

Despite the fact that the legislative innovations potentially reduce the profits of banks willing to buy rather than sell their shares was much more in the last session. Also, demand has remained good in the papers of industrial companies. Information that the Chinese sovereign wealth fund to consider the possibility to enter the capital AES led the rally in shares of utility companies. The rise of the stock market was accompanied by rising bond yields in the way of safe assets, which were observed several sessions earlier.

Tuesday futures for U.S. indices (SP -0.12%) are in no hurry to leave the neighborhood level of closing the previous session. After the auction has learned that the U.S. Treasury and Citigroup are considering selling 34% stake in the state, which should be favorably received by other shareholders of the financial holding company.

At the Asian stock markets rebound after weak observed unintelligible beginning of the week: Nikkei 225 0.16%, Shanghai composite 0.2%. Except weakening Japanese yen's own driver for regional stock markets no longer exist. Better the market against the background of the rebound in prices for industrial metals looks shares of mining companies. But on a full rebound is not particularly drawn. Stable situation remains in gold prices ($ 999/untsiyu) and in oil prices (WTI $ 68.8/barr.)

Second wave

second wave of the crisis, which is expected in early fall, not canceled, just delayed, economists say ...

Representatives of the metallurgical and oil and gas industries traded good market
As long as Russia's stock markets are no explicit directions for further development of market trends
Still very active demonstrating shares KAMAZ and AvtoVAZ, which now goes up by 8,53% and 3,55% respectively
Further decline in oil prices may cause the sale of shares of oil companies and the correction to the level of support on the MICEX index in 1150 points
Speculative recommendation on shares of Gazprom, Polyus Gold, Lukoil, Sberbank and VTB
In 1 half of 2009 net profit of TNK-BP Holding for US GAAP decreased 2-fold to $ 2.34 billion
Key Asian indices are consolidated today at yesterday's closing levels
Asian markets in most of today are growing