The reason for the correction in the commodity and global stock markets continued last week, a few.

First, the corporate reporting season in the United States began rather badly: in the early days, most companies are held accountable worse than expected. Second, the tightening of capital requirements for banks in China, reflected in an increase standards of reserves for possible losses on loans. Finally, announcement of U.S. President Barack Obama plans to restrict the activities of the banking system: extending the notion of “market share” is not only the insured deposits, but on all borrowed funds, the division of business in the cash-credit and investment.

However, a1000ll of these reasons are unlikely to give rise to a long and deep (more than 15%) correction. Thus, the first reason (worse than expected reporting) has somehow quietly evaporated. So, if in the beginning of last week, most companies is accountable worse than expected, then on Friday the results of 70% of companies have exceeded expectations, but yesterday all companies have reported better than expected. However, unlike last season, accounting, when predictions were frankly too low, the current expectations can not be called modest.

Second, Obama”s initiative is unlikely to be implemented in the original hard version. For many it is understandable that in his attacks on the investment banking business a big part of the populist component. The fact that the crisis started in the mortgage sector and was caused by excessive activity in lending to “simple good guys” and not operations “fat cats” c Wall Street. This means that the articulated measures will not help prevent the recurrence of similar crisis. They need only one - to make unpleasant “fat cats” that will be welcomed by the poor. And the “fat cats” on Capitol Hill, too, have their own lobbyists.

Finally, measures of the Chinese financial authorities also should not demonize: most of what they will, is the cessation of accelerating the growth of Chinese economy. However, the growth rate of 10% per year, is likely to persist.

Summing up the foregoing, we conclude that the decline in the stock market will soon come to an end.

At the same time, the paper for sale to select carefully. Thus, the likely cancellation of a number of tax incentives for Rosneft, and they were the main driver of growth faster than the market shares of all of last year.

Also, we expect the resumption of the depreciation of the euro in the near future: the successful placement of government securities Greece does not solve the problem on the merits, and do not cancel the risk of further downgrade of the country.

We recommend to buy Gazprom shares on the level of 173 rubles and selling euros for U.S. dollars.

Course currency basket to the ruble on Tuesday rose by 0.52% to 35.913 rubles
MICEX index compared with the value at closing of the previous trading day decreased by 1.998%
Downward trends in the market may be continued in the near future
In 2009 inflation in Russia is 6 times higher than the growth in consumer prices in Europe
In 2010, FGC UES will begin construction of seven facilities in the Far East
NBU notes the failure of several banks” plans to increase capital in 2009
If tomorrow the statistics from the U.S. will be positive, Russia”s stock exchanges will continue to move upwards
As a result of trading the MICEX index lost 2.19%, ending the day at 1,384.79 points
Until the end of this week the market of Russia will consolidate in the region of 1 400 points mark for the MICEX