Markets digest the results of the meeting the U.S. Federal Reserve, consolidating at yesterday's levels. Analysts' expectations regarding the pace of recovery in Europe are too high.

While the events in Russia's stock markets are developing in line with our expectations. After the morning's drop, which was a reaction to lower U.S. stock indexes and falling oil prices last night, Russia's stock market very quickly, pressed. Blue chips promptly closed the morning gepy, and now all liquid securities traded in positive territory, and the MICEX Index adds1%. At the same time better than other rebounds UralKali (5%). The positive dynamics of shares of the company was supported by optimistic statements Uralkaliya leadership and the Belarusian Potash Company, had expressed a strong belief in the restoration of the demand for potash fertilizers in the world, enabling the company to build sales in the next year by 50%, and further increase production capacity. At 2% of Polyus Gold shares rise after the restoration of quotations of gold against a background of continued weakening of U.S. currency.

In general, the situation on the markets after the U.S. Federal Reserve meeting remained neutral. European stock indices, commodities and futures for America stick close to yesterday's closing levels, ranging from minor deviations from them. Таким образом, если не считать резких падений по нефти и американским фондовым индексам вчера, мировые рынки спокойно консолидируются. We retain our positive view on short-term prospects for Russia's stock market, we recommend to stay in Long and use the drawdown for speculative purchases. Undervalued sectors continue to be oil industry and electricity, as the sector as a whole. Neutral we look at the metals and telecom, although the first, due to the high rate of beta is able to show impressive growth, ahead of the market in the overall rally. The same attitude we have to bank and securities at current prices.

already emerged from the data, we are virgin soil, as yesterday, we draw attention to the European statistics. At 12.00, was published IFO business climate index in Germany. Left figures were higher than data for the previous month for all three indicators, but all the same three, they do not have lasted up to analysts' forecasts. A similar situation was yesterday with the data on PMI in Germany and the EU. Thus, it turns out that market participants in their assessments of current trends in the economy has escaped a little forward, and looks forward to a more rapid recovery than it actually is. Apparently, the same outrunning the fundamental prerequisites for the growth we are seeing and the stock markets.

In the evening we are waiting for the traditional Thursday's weekly data on the number of new applications for unemployment benefits (16.30 Moscow time), which have continued to stand at 550 thousand per week, as well as data on sales of homes on the secondary market in August ( is expected to grow by 2.1% compared to the previous month). Moreover, in the case of sales of houses (18.00 Moscow time), in our opinion, may be posted stronger numbers than expected according to the consensus forecast. Therefore, there is hope for a positive at the end of the trading day. Stanislav Kleshchev, VTB 24 (JSC)

At 16.00 Moscow time the price index value RGBI was 118.99, compared with the closing of the medium it decreased by 0.05%
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