On Wednesday, we saw impressive growth in the Russian market - in part, of course, influenced by the positive news that showed that orders for durable goods in the United States in May increased by 1,8% - to reduce the forecast at 0,9%. However, as the main reason for the growth we see rather large-scale closure of short positions against the background of failure to penetrate the MICEX index down trend, and in advance of the meeting of the U.S. Federal Reserve open market. Given that in previous meetings of the pleasant surprises to appear as an additional infusion svezhenapechatannyh dollars, the players were understandably concerned.

With this growth have been the leader of shares of Sberbank of Russia, adding almost 14% and the sample resistance up to 40 rubles per share ( prefy Sberbank had grown up and is almost 20%). This trend confirms our opinion about these securities as a unique market benchmarks - because from a technical point of view of many of the other blue chips (for example, shares of Lukoil, VTB weak or NorNikelya) its ascending trend has remained. In addition to the closing of short positions and speculative interest, the growth of the Savings Bank had secured information that the bank is able to pay $ 1 billion subordinated debt ahead of schedule and, moreover, has to be so frightening investors hold more shares.

As for the Fed, as we anticipated, the Committee maintained last night on the federal funds rate at the level of 0-0,25% per annum. However, the nature of the final communiqué may be considered ambiguous. On the one hand, the text appeared optimistic statements that the economic slowdown is slowing, and consumer demand is also stabilized (though at this and noted that unemployment in the United States still shows growth). On the other hand, the Committee, in full accordance with the recent statements of President Obama is not announced new programs for the infusion of money into the economy, merely confirmation that will be carried out only before the alleged actions of quantitative easing. Given that these measures provided fuel for the rally in the stock and commodity markets in recent times, we believe that this will lead to some cooling of growth. But most important is the fact that members of the Committee, it seems, has gradually been wary of inflationary pressures and to think about raising rates. Most likely, this step is taken towards the end of next year, but we believe that the further the Fed is unlikely to take any action on the flow of money into the economy or quantitative stimulation.

Today

leading world markets on Wednesday showed most growth: German DAX 2,74%, Britain's FTSE 1,18%, DJIA -0,28%. Asian markets this morning are growing, while Japanese Nikkei225 adds 2.01%. Futures on the S P500 grow at 0.77%.

Pair EUR /USD is in the € /$ 1,3970, while USD /JPY - in $ /#165; 96.22. Gold is $ 934.88 per troy ounce, silver - $ 13.96 per troy ounce, Copper - $ 4,989, and nickel - $ 15,300 per metric ton.

Yield for UST-2, 1,22; for UST-10 3,71. Oil prices over the past 24 hours have increased by $ 0.60 to $ 68.68 a barrel varieties Brent. Thus, today we look forward to continuing the growth of quotations of securities in the first half of the tenders. But pay attention to the fact that after two days of rally the market had already become locally perekuplennym, but because at any moment we may see a correction to the growth.

evening at 12.30 GMT in the United States will change the data on GDP for the I quarter, as well as statistics on the number of primary and repeated applications for unemployment benefits (Initial Jobless Claims and Continuing Claims).

Deferred demand for shares of the leading Russian banks may raise their quotes the morning for another 3-4%
Sibirtelecom airline Lufthansa Cargo will provide telecommunication services at the airport Krasnoyarsk
Rusal to invest $ 300 million in modernization of production ALSCON aluminum plant in Nigeria
In the future, the Fed is unlikely to take any action on the flow of money into the economy or quantitative stimulation
Asian markets today vospryali spirit
Industrial metals bids rose slightly in London, gold rose to $ 940
Import was additive
The Prohibition of gambling business in Ukraine has entered into force
Russia advocates the creation of a new global financial system