By 17:40 Moscow time, Russian indices show negative dynamics: the RTS lost 3.4%, the MICEX in a minus on 2,6%. Several bears suppressed by statistical data on the level of unemployment in the U.S., which amounted to 9,7% in the expected 10.1%. Downward trend in equity markets, in my opinion, more due to lack of ideas for growth, rather than macroeconomic data. Nevertheless, in the long run, the actual uncertainty about the Fed"s actions, the situation in the euro area, as well as China"s economy.

For the domestic market is a substantial risk of possible artificial limit the growth of Chinese economy. For example, in 2009 China"s GDP grew by 8.7%, exceeding the expectations of market participants. At the same time in the 4 th quarter GDP growth accelerated to 10,7%. Fearing overheating, Chinese authorities have already declared preparing measures to restrict lending. Chinese regulator expects that in 2010 the volume of new loans decreased by 20% compared to the year 2009, to the level of 7.5 trillion. yuan.

It is a great demand from China largely supports the sustained high prices in commodity marke1000ts, which is a prerequisite for economic recovery of Russia. In addition, exports to China is a significant inflow of foreign currency, which is used for the purchase of U.S. government bond. As a result, if the exports from China will fall, then drop the demand for American state bonds, which would increase their yield and an outflow of capital from emerging markets, including Russia.

On the other hand, another possible scenario in which China will continue to stimulate demand for resources from the state infusion of funds into the economy, with the folding up of state will occur gradually. In this case, you can focus on applying for the Russian economy price levels for commodities.

Among investment ideas can be noted the action, which is expected relatively high dividend payments. At current price levels, we recommend to purchase shares of MTS, Tatneft Priv., Silvina Priv., Apatite Priv., MDM Bank Priv., Bank Saint-Petersburg Priv., Bamtonnelstroy Priv.

Further developments on the market as a whole, I think, will be determined by news about the background of concern in Europe, further action the Federal Reserve, as well as Chinese demand for raw materials. In the future, one of the first half, I think, worse on these factors is unlikely.

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