Results of previous day

the federal funds rate was maintained at the same level of 0-0.25% per annum, with the passage, that this situation will continue for a long time, was not subjected to correction. Also, do not become "touched" by the representatives of FOMC discount rate, as expected by some experts. At the same time the Fed reaffirmed their commitment to previously stated plans for the removal of additional measures to stimulate the economy: stop the program redemption of debt securities secured by mortgage and agency securities by March 31, as well as a number of programs to provide liquidity to February 1.

However, slightly more upbeat assessment of what is happening to the economy of investment companies and employment is allowed to believe that Mr. Bernanke and his colleagues have become increasingly convinced that economic recovery is sustainable. The commentswere used the phrase "the pace of economic recovery will be moderate for some time" and "business activity continued to grow."

The fact that the decision to leave interest rates at the same level it was not unanimous - advocated for raising the head of the FBI in Kansas, Thomas Hoenig, the mood of a particular way does not affect (SP 500 0.49%). Futures on interest rates reflected a slight increase in the chances of ending super soft monetary policy, which can be expected to occur with a probability of more than 50% only in November.

After the bidding was made by U.S. President Barack Obama with a report on the situation in the country that did not introduce any confusion in the prevailing balance of power. Support bulls have felt after his words that the worst thing in the "storm" is over, and after the disclosure of details of tax incentives for creating new jobs. Thus, Mr. Obama did not touch sensitive markets is the theme - the reform of the financial industry, noting that no interest was to punish the banks. However, he focused on the audience that seeks to follow through on what may be an indication of his willingness to compromise, and that to putting the lives of its plans, no hurry, probably will not.

However, a more optimistic assessment of the economy in the Fed"s comments, enthusiasm among buyers in the morning and woke up in oil prices, despite continued with the strengthening U.S. dollar. On the stock markets in the world and optimism prevailed that allowed Russia to bidders after opening with a good gepom up without unnecessary hesitation to return to purchases in the hope of completing the short-term downward trend. Day support such expectations proved to be favorable data on employment in Germany and the index of economic sentiment in the euro zone.

spoil the mood of the evening and a sharp decrease in stock indicators developed under the influence of problems in Greece. Credit default swaps Greece reached a new maximum values, and the yield of 10-year bond Greece overcame the bar at 7% per annum. Once again, speculation began that in the circumstances, the Government of France and Germany began to consider the possibility of providing financial support "weak link" in the eurozone.

made at the World Economic Forum in Davos speech, Prime Minister of Greece, Mr. Papandreou, that such a request his Government had not appealed, had no effect on the players. Added fuel to the fire and the rating agency Standard Poor"s, which reported that did not regard the UK banking sector to the cohort of those prevalent in stable and low risk.

look at today"s market

the psychological spur sales after the opening of the market participants trading on the weak closure of Wall Street (SP 500 -1.18%), and originated a new wave of risk aversion against the backdrop of increasing anxiety in relation to the servicing of sovereign debt in the euro area and the tightening of monetary policy India. Futures on the U.S. indices (SP 500 -0.52%) under the influence of these events left in the negative zone, leveling effect of the positive reports from SanDisk, Amazon and Microsoft. At the auctions in Asia and today is dominated by pessimism: Shanghai composite -0.08%, Hang Seng -0.78%, Nikkei 225 -2.08%. Japanese stock market did not have good support for macroeconomic data for household spending, industrial production and unemployment.

The whole focus of market participants shifted to the decision of the Reserve Bank of India to raise the allowance reserve for banks by 75 basis points, while experts predicted a smaller increase, only 50 basis points. Thus,cb2the price reflects the likely slowdown in the third-largest economy in the Asian region. Nervous speculators and the situation with the Greek debt, CDS which reached a new height. Fueled agency Moody"s, which warned that Portugal could lose its Aa2 rating to the case in 2011 did not mend their affairs with public finance. Pair euro-dollar again came under selling pressure (1.3952), but oil prices remain stable until a level of $ 74/barr. on the sort of WTI.

In growth
EU: Greece does not threaten to default and exit from the euro zone.
Litvitsky: external payment position of Ukraine is gradually being consolidated
Tigipko reiterates its neutrality in the second round of presidential elections in Ukraine
Of the shares of oil companies in the positive zone traded Gazprom, the largest decline noted in the securities of Rosneft and Surgutneftegaz
Index of the Frankfurt Stock Exchange Xetra DAX rose 1.05%, the index of the London Stock Exchange FTSE 100 rose to 0,85%
It is too early to talk about the return of the era of a strong dollar - to select securities that can profit "bulls", yet widely
Trading volume on the MICEX derivatives market at 16:00 Moscow time amounted to 4.41244 billion rubles
"IDC Holding" by 2011 fully switch to RAB-regulation