Market Analysis

In full accordance with the expectations expressed in the previous review, FOMC retained in his comments on the thesis of a soft monetary policy for a long time.

Our expectations for the speech Barack Obama is not only justified, but even were exceeded: we predicted that the rhetoric against the banks will be alleviated, but did not expect so. Saying that he was "not interested in punishing the banks," the American president is almost completely retracted its Friday statement.

American companies also continue to please: a 32-hoo companies that had reported before the opening of trading today, only 10 showed results worse than expected.

The only "fly in the ointment" in a news background - worse than expected macro-economic statistics. For example, sales of durable goods rose in December, only 0.2% instead of the expected 2% and this was associated with a fall in car sales. But it is not surprising. Expectations were very high, and we do not understand how we could expect such high Durable Goods, given the results of the failed real estate for sale in December.

Thus, the general background of positive news. This will help to restore oil prices and continued growth of stock markets.

With regard to the course the single European currency, it is quite live up to expectations (in the review of January 26, we recommended selling the euro). The euphoria from the bonds Greece was short, and yesterday the growth spreads to Germany bonds resumed. It seems that perhaps only two options for the development of events: either the ECB credits Greece (increasing the money supply and depriving the only attractive features of the euro), or the latter leaves the euro area. Both are bad for the European currency. So the decline of the euro in the near future will continue.

In the market leaders today were "Severstal" and VTB, in negative territory closed "Polyus Gold" and "Gazprom Neft
Gazprom "in March, will present an updated draft program of exploration for the years 2011-2012
Companies Rostekhnologia "will supply Gazprom high-tech import-substituting equipment
Europe: in the last hour of trading bulls not doge "bears
VAR: Prices of sugar in Ukraine reached its peak in March-April 2010
Industrial Policy: The share of agricultural imports in the domestic market of Ukraine is about 80%
On Thursday, the MICEX index finished the session above the 1400 points mark, further sites will determine the dynamics of the publication of GDP in the U.S. for 4 quarter
TNK-BP has placed two tranches of Eurobonds for $ 500 million each
USA: sale of high-tech is in full swing

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