FOREX and Financial Crisis

Capacity positions in futures on the RTS before the evening rally On Monday, active participants in the derivatives market fell from 76 to 55 billion rubles. RTS index added 0.2% to a mark of 1227 points. Futures on it grew by 0,1%. Spread between them remained unchanged at -19 points (-1.5%), indicating the presence of negative feelings among the players. It should be noted that the bidders are actively built up positions in futures RTS - interest grew by almost 7%. Players expect significant price movement, sandwiched in narrow price ranges. Also note the flow of funds in the futures of Gazprom and Sberbank, in which the number of open positions has increased by 1,4% and 2,3% respectively. At the December option market activity was low. This October's stock options at levels of 1000 and 1150 points on the RTS has been an increase of positions (400 contracts at each strike). Implied volatility at each strike increased by 2 - 2.5%. Given that these options expire on 14.10.2009, some bidders expect the correction within 5 - 10 days. Evening trading session brought a wave of confident growth in the derivatives market. Futures on the RTS was added 2%, against confident growth of American playgrounds. Since S P500 index added 1,5%. VIX volatility index fell immediately on 6,5%, having fallen to a level of 26.8. Before the opening of trading on Tuesday at S P500 futures traded near the levels of Monday, contracts for WTI crude oil added 0.4% haggling at 70.6 dollars per barrel. Also of note is a marked weakening of the dollar against European currencies. Since the euro has risen to the level of 1,47. We look forward to the opening of the stock market with a gap up to 2%, the forward market may open at the levels of the night session. log in and see the material;; Your score will be the first! Analyst Ratings

Figures report for 9 months viewed a strange source for covering the budget deficit ... In the last three months raising funds in the budget will grow by almost 50 %?.. At the beginning of each month, the experts' attention focused on reports of government institutions on the implementation of the state budget. And that every month the government said happily: all OK. Fund-raising plans in the budget are carried out and to live is getting better and more fun. Well, at first glance looks like the implementation of plans for raising funds in the budget version of the Treasury and tax officials. We, believe, expect amazing discoveries. Tax and Treasury: we all clearly Thus, according to the operational data of STA of Ukraine in January, September 2009,the consolidated budget of Ukraine collected 124,489 million UAH. payments, which are controlled by state tax authorities, including the state budget, 80,944.4 million in local budgets 43,544.6 million task nine months to collect payments in the general fund budget is executed on 101,8%, actually collected 73,476 million, an additional budget received 1276.5 million hryvnia. tax collected 22,767.6 million UAH. (1 802 million), excise taxes on goods made in Ukraine 9 641.2 million (846 million), the rent for the extraction of natural gas, 559.6 million (231.4 million), profit share, being eliminated in the budget, 654,4 million (69,8 million UAH.). at taxpayers' accounts in January, September reimbursed 28,989.4 million UAH. VAT, that is, to the extent determined by the budgetary painting. In September, the general fund budget raised 8617.2 million UAH. Budget painting is executed on 100,6%. Taxpayers in September recovered 7115.2 million UAH. VAT. A Treasury adds cheerful picture of tax specialists. According to them in January, in September 2009 raised incomes in general and special funds budget of $ 131,943.8 million UAH. (Subject to reimbursement of VAT and excluding own revenues of budgetary institutions), or 102,7% of planned targets. In particular, in the general fund mobilized 107,416.1 million (including VAT refund), or 100,2% to the monthly painting, in a special fund 24,527.6 million UAH. (excluding own revenues of budgetary institutions) , or 114.9% of the plan. in September in both funds raised 10,942.2 million UAH., in Thus the general fund 8 852.7 million In addition, the Treasury reported on the debt payment from the state general fund (as at 28.09.2009). In particular, the repayment of public debt (and interest payments on them), both external and domestic creditors in January, September, carried out in a timely manner. At the cost of debt service under the painting in January September provision in the amount of 8070.6 million UAH., Cost of 4785.6 mln., (Including on domestic debt 2,079.5 million, on external 2706.1 million UAH.), which is 3285 million UAH. less of the plan, that is 59,3%. for repayment of public debt in January September envisaged expenditure budget of $ 18,512.3 million UAH. in fact they are 15,430.9 million (internal 3,725.5 million, an external 11,705.4 million), is 3 081.4 million UAH. less of the plan, or 83,4%. Public borrowing provides a list of funding for this period amounting to 63,301.8 million UAH., the budget is received 78,233.5 million UAH., (internal borrowing 38,159.6 million, external 40,073.9 million ), which is 14,931.7 million UAH. more murals. in arrears to the budget enterprise borrowers in foreign credits attracted under the state guarantees and subloan agreements concluded within the framework of joint projects with the World Bank and European Bank for Reconstruction and Development, a list provided income of $ 307.8 million UAH., received the same 230.6 million, which is 77,2 million UAH. less than the plan, or 74,9%. compare Treasury debt payment from the state general fund budget as at 31.08.2009 and 28.09.2009 by simple calculations we can obtain data for September. Thus, the costs of servicing the public debt during September amounted to 730.9 million UAH. (internal, 283,5 million, an external 447,4 million). for repayment of public debt in September, spent 7,096.8 million UAH. (Internal 1,254.3 million, an external 5 842,5 million). Due goszaymov in the budget for September, it was 22201 million UAH. (Internal 19007 million, external, 3,194.7 million). Where Tymoshenko took the money? But what is strange. It is not clear who the government could borrow such a large sum in the domestic market! Because if you look at the data NBU on the results of placement of internal government borrowing in September, it becomes clear that the government managed to attract only 1126.4 million UAH.

correction intensified and reasons for the growth of some start of the week on the equity market was held at the dynamics of mixed quotations. After a rather gloomy makrostatistiki from the U.S. last week, bidders are afraid to start a new purchase, the flow of new money on the market until stopped. Some recovery in the market brought out statistic data at 18:00, after which the commodity quotes moved up by pulling on a stock Russian companies. As a result of trades, most blue chips closed at zero, the better allocated paper telecoms: MTS and Rostelecom, as well as paper AvtoVAZ against corporate news. At the auctions in the U.S. on Monday dominated by the positive sentiment. The growth index in the ISM service sector has become an occasion to forget everything that was last week, and a new optimistic look at the economy. Numerous applications for the restoration of demand for petroleum pulled up quotes for raw materials. Quotes of securities of the financial sector were supported to improve the experts' recommendations on Goldman Sachs shares of major banks to better market. As a result of trading the major indices added 1-1.5%. External background at the opening of Russia's market neutral. Japanese Nikkei is trading near zero. London Brent rose again to a level of $ 68. Futures on the U.S. S P500 grow at 0.1%. Currency pair EUR /USD traded at 1.4718. Today, we expect to see the opening of the market at 1% above yesterday's closing levels. Support to the market will have grown up during the night oil prices and the strengthening of the euro. Nevertheless, we do not expect strong growth from the market in the near future. Shopping while ignoring the bad statistic data and all are looking for ways to growth. Comments economists are becoming less encouraging: the markets have broken away from the economy, while mitigating the monetary program will soon be phased out. In this connection, we recommend focus on intraday transactions. Speculative movements in the papers today AvtoVAZ will probably in the opposite direction, not a bad idea in the day can be a paper banks. log in and see the material;; 1; user rated material at 2. Analyst Ratings

Go two insurance companies - Renaissance and Independent Insurance Company - voluntarily gave up the sale of policies avtograzhdanki.   told CEO Motor Transport Insurance Bureau (MTIBU) Ivan Huminski. These small companies acted honestly, asking us to exclude them from membership of the Bureau - he said. - Because the loss-making during the crisis of this type of insurance is growing and not all companies are able to cope with the repayments avtograzhdanke. Insurers believe that the withdrawal of these two companies with market OSAGO is the beginning of a new trend in the future, many insurers voluntarily relinquish the sale of avtograzhdanki. According MTIBU, losses CMTPL grow much faster than the level of premiums collected (from January to September, the insurers have paid 327 million UAH. on policies avtograzhdanki, which is 20% higher than the same period last year, while as premiums rose by6%). In addition, the average payment on avtograzhdanke in August rose 12% compared with the previous year and amounted to 7,6 ths. This situation ultimately leads to the fact that not all insurers who have the right to sell insurance policies OSAGO, were able this year to faithfully fulfill their obligations. This is evidenced by dramatically increased the number of complaints to the Office of the clients of insurance companies. According MTIBU, if over 8 months of 2008, they received 394 complaints, over the same period of the current of their number had grown to 830. Most people complain about the delay in payments and arrears, - said Ivan Huminski. According to him, especially in the plan distinguished Insurance traditions and Galaxy (both revoked license), but other insurers - the champions of the complaints director general of the Bureau refused to call.

  Board of Directors of TGC-9 on October 30 will consider the concept of separating a number of generating facilities of a separate legal entity. The board of directors will be approved by way of transfer of generating facilities, as well as the order of execution of investment commitments of TGC-9 in the transfer of generating facilities to new entities. Possible reorganization of TGC-9, by providing a number of generating facilities of the company into separate legal entities have a negative impact on share prices of TGC-9, as shareholders will receive, in addition to the shares of TGK-9, which will lose about half capacity, illiquid shares of JSC , - considers Konstantin Reily of Finam. to stop oil supplies belonging to the Odessa Refinery. Deliveries were halted on the fault of theoperator Ukrainian system of trunk oil pipelines - the company Ukrtransnafta. Such a solution, leading to a conflict of interest, was taken Ukrtransnafta as a means to resolve other conflicts occurring between companies Tatneft and Ukrtatnafta. Power of the Odessa refinery is about 5% of all the refineries of LUKOIL. Lukoil representatives claim that proposed Ukrtransnafta alternative transportation routes made unprofitable refineries. So, do not eliminate the risk of political conflict between LUKOIL and the Ukrainian leadership, which may well lead to a forced sale of Lukoil's Odessa refineries by unfavorable price, - notes the analyst of investment company Finam Alexander Eremin. Cherkizovo Group has published the results of 1 half-year 2009. Sales of the company in ruble terms increased by 15%, but the effect of exchange rate changes have reduced the dollar amount of income. A significant contribution to increasing the effectiveness of the company introduced a segment of the poultry industry. Favorable conditions for grain purchase prices, the increase in sales prices and the effect of integrating the company Chicken Kingdom have increased the gross profitability of the segment to a record 35%. In general, we commend the results of the company up to 1 semester . Despite the slowdown in purchasing power and reduced demand for products, the company managed to achieve a substantial increase in profitability on the basis of the reporting period, - analyst Finam Sergey Filchenkov. Power Machines has published statements according to IFRS on the basis of 1 semester of 2009. During January-June 2009 the company's revenue increased 25% over the same period in 2008 and reached a level of $ 721 million operating profit increased to 1 half-year to 2,6 times in comparison with January-June last year - to $ 70, 2 million, and net income increased 3.4 times, amounting to $ 53.1 million, published reports show an increase in production volumes and increased profitability of the company. A negative net debt allows the Power Machines to implement an investment program is not resorting to the current situation to expensive borrowing - said in a daily FINAMa . More information on these and other analysts' comments Finam you can find in the section Investments log in and see the material;; Your score will be the first! Analyst Ratings