Against the backdrop of negative statistics reduce U.S. indices turned out to be spectacular, Dow-Jones fell by 2,09%, S & P - at 2,576%, Nasdaq - on 3.06%. Fed Governor Jeffrey Lacker said that interest rates could be increased even with continued growth in unemployment. However, in our opinion, this is unlikely, the U.S. monetary authorities will not tighten monetary policy until the final recovery. Worse than the market is trading at today's Russian financial sector. On the background of continued high oil prices better than the market will share the oil and gas sector. Given the high weight of oil and gas industry in the Russian stock indexes at the opening of today's trading can be expected to only a moderate decrease -0.5-1%. After a morning gap down trading is likely to stabilize before the next portion of the important evening of American statistics. Iran unexpectedly announced its readiness to buy uranium abroad, in response to the West has decided not to pick up until the issue of sanctions, the local negative for the oil market. The Government has made to the State Duma the draft amendments to the Tax Code on the new severance tax for coal deposits. Decided to lower interest rates compared to those that were considered at the presidium of the Government in July. Positive for the coal companies. S & P lowered its long-term counterparty credit rating of Gazprombank to "BB" from "BB +", national scale rating - to "ruAA" with "ruAA +". Despite the current pessimism, we believe the current negative local factors. Oil prices remain high and, hence, the flight goes well. After all, the price of oil depends on the cash flows of Russian companies, the budget revenues and profitability of sovereign bonds from which the dances discount rate. We reaffirm the target level of 1300-1500 points on the RTS index in the current quarter. Oil and gas counters will do the bullish case. Head of Research Capital IR Gullion, Ph.D. Alexander Razuvaev
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