Exchange watch, morning - the potential of liquid securities exhausted

External background this morning is positive, we can expect the opening of Russian trade in the green zone. The growth of Russian indices should make the opening of 0.5-1%. The key event of the day will be the American statistics on the labor market. At 16.30 MSK will be published unemployment rate (Unemployment Rate) for October 2009, the expectations - 9,9%. Russian macroeconomic statistics showed that the rate of decline. Sweden has agreed to Nord Stream. Today Rostelecom (the national telecommunications operator, providing international and domestic long-distance communications throughout the Russian Federation - Ed.) Publish IFRS financial results for the 1 st half. FAS has decided to fine the Lukoil at 6.54 billion rubles. for "abusing its dominant position in the wholesale markets of petroleum products." Local negative for the company's securities. Yesterday, Sberbank announced reduction of interest rates on ruble deposits of natural persons. The solution seems logical against the backdrop of lower inflation, and refinancing. However, BEAC hardly fear for market share. In the crisis of security and semi-public status of the bank is valued above profit. Our fair level of the RTS index for the current year is 1300-1500 points, to 2010 - 1800-2000 points. We believe that the likelihood of the Fed raising rates next year is high enough, however, it will cause only a healthy correction in the stock and commodity markets. Ie next year will be again for the Bulls, while the RTS index and will not be able to rewrite the historical highs. Best return on stocks will show the second / third tier. Potential liquidity of chips (first-tier stocks - Ed.) Largely exhausted. Bank.ru prepared for review Head of Research Capital IR Gullion PhD Alexander Razuvaev