small downward correction after yesterday's growth. We hope that after the GDP data for the U.S. market will continue to rise

Today, 16.30 Moscow time will be the most important figures this week - on the U.S. GDP in the 2 quarter. 2009 (estimated -1.5%). That is the actual result will determine the mood of investors in early August, and to assume additional risks and discover new position before leaving the important statistics or bull or bears are unlikely to be. Actually, we are witnessing today and the stock pads that have been adjusted slightly after yesterday'sstrong growth. MICEX index losing about 1%, less than poluprotsenta falling stock indicators in Europe. Trading volume is not high - the participants are waiting for statistics from abroad.

Predicting the market reaction to going today on the GDP is problematic - we can see how selling on the fact of the output data (regardless of whether they are better or worse prognosis), and shopping. The only thing that can be argued - the rate of drop in GDP the largest world economies will be lower than the previous quarter (variation according to analysts interviewed by Bloomberg, ranges from -2.9% to 0.7%). And it allows you to calculate that, after possible prosadok in the market, moving up in the medium term will continue. Moreover, optimism in the market may be emerging in support of 17.45 Moscow time the Chicago PMI (projected to increase to 43 points).

Traditionally, we recommend that you have in the portfolios of stocks of oil companies (especially emphasize Gazprom, in which there is positive news flow - the stability of the tax burden, and lack of problems in collecting fees for gas to Ukraine, a further tranche of the IMF) and the banks. At the same time among banking securities we prefer VTB shares, which have a strong driver for growth in the coming weeks as the price of accommodation additional issue, which we think may be at 20-40% above the Current levels. Of the steel names we are most impressed with Severstal (4%), the sample above 200 EUR. per share, and the SMC Nornikel. But the purchase of steel - it is rather a speculative play on the rapid growth in the context of bovine market, fundamentally shares of companies are already fairly valued.

most prominent corporate news today, the parameters are ad deal to acquire a controlling stake in MTS, Comstar UTS. Papers last go at a cost of up to 16% greater than current quotes. This positive news for the stock market Comstar UTS (still buying a premium to the market and have a chance to have minority shareholders to wait for an offer to purchase the remaining securities) and AFK Sistema (received for an asset for debt service $ 1.3 billion) . At the same time, the benefits to the MTS from such transactions are not so obvious.

Other news - the decision of the Board of Directors of Polyus Gold to pay interim dividend of 6.55 rubles. per share. Thus, we see the first dividend on shares of chips on the work of the crisis of 2009, however, would like to draw attention to a very low dividend yield on shares of gold mining company, which adds no optimism regarding the growth of their attractiveness to investors.

Hryvna strengthens
Return of deposits, with particular cynicism
In the event that positive GDP data for the U.S. to begin the transfer of funds from the protected assets in shares of oil and metallurgical sectors
Now morning jump up completely reverse, and the decline continues: VTB Bank (-0.52%), Sberbank (-1.74%), Gazprom (-1.88%)
Recommendations on the stock market: LUKOIL, MMC Norilsk Nickel, Rostelecom, Gazprom, Mosenergo, Surgutneftegaz, Sberbank
The chemical industry would cost without goskorporatsy
The growth of the stock market supported the message that the auction of seven gosobligatsy United States has been extremely successful
Overview of the oil market for 30.07.09
Asia: Indexes face down due to good reporting