expected negative reporting

By Friday the Russian court came up with a negative external background. For example, the U.S. site went for long weekends with the reduction. In particular, DowJ and the Nasdaq Composite lost 2.6%, while the S P500 fell 2.9%. On the other hand, Asian area today showed a small increase of less than one percent. The main negative for the domestic steel market, as yesterday, the long-awaited correction in the oil market. As a result of yesterday's session, Brent had lost about three percent, the MICEX index dropped by 3.5% and the RTS, closed earlier, reduced by 1%.

Today, crude oil continued to decline, though much slower, and with the closure of the Russian market has shown decline at 0.5% on brand Brent. Of the notable statistics, published today, are the only retail sales in the euro, which had worse predictive value, negative 3.3% while analysts were expecting decline to 2.7%. Although, it is worth noting that the market is, as expected, did not react to that statistics and have an hour began to grow. At the end of the day the RTS has lost 1% and the MICEX fell by less than 0.4%.

Of the notable events in the second level of accountability it is desirable to note AtoVAZa. In general, we appreciate the statements on the basis of AvtoVAZ in 2008 as expected negative. Due to rising prices for steel and components, production costs rose faster than revenues. As a result, gross profit decreased by 39% to $ 699 million other negative developments in 2008 was the lack of control over the increase in administrative costs, resulting in an increase of 25.3%. Among the positive side, we note the increase in the average value of the car, which according to our estimates, was 11.9%, which increased revenue in the 5.2% while reducing sales by 6%. In addition, we draw attention to the fact that 10.7 billion rubles (about $ 430 million) loss on account of fixed assets revaluation, which is based on a model of discounted cash flows. According to our estimates, in 2009 at AvtoVAZ is likely to get a loss. Despite this, according to our estimates, the fair value of 1 ordinary share of OJSC AvtoVAZ is $ 0.47, growth potential - 13%. which corresponds to the recommendation of Hold. Fair value of 1 preferred share is $ 0.19, which implies upside potential of 97% and is consistent with the recommendations of buy.

The course is kept buying the dollar unchanged - the evening review of cash markets
Today, the indicator RTS-2 in the closure of Russia's bid has added 0,39%
The current low level of players is due to holiday on the stock exchanges in the United States
The State Duma approved the amendments to the Code of Administrative Offenses, aimed at protecting the interests of small business
The State Duma approved the amendments to the legislation on protection of competition
Bank of Moscow will not pay dividends on the basis of 2008
Forex on the European session
Factor Friday and the lack of trades on American exchanges have contributed to the negative of the Russian sites
Europe: statistical indicators have given rise to uncertain growth indices