Trades in Europe are in the red zone. The reason was the negative data from Germany, the economic expectations index, calculated by the research institute ZEW, in January amounted to 47.2 points against 50.4 in December, was expected 49.5 points. Index declines for the past four months. The comparable figure in the euro area amounted to 46.4 points against the forecast of 48.2. These findings have put pressure on the euro, went down commodity and stock markets. Pan-European FTSE Eurotop 100 index decreased by 0.69%, Britain"s FTSE 100 up 0.8%, Germanic Xetra Dax at 0.86%, French Lyxor Cac 40 at 0.88%. Shares of banks falling, despite expectations of strong reporting the largest U.S. banks. This stems from the reduction of the recommendations from the analysts Exane BNP Paribas and Credit Suisse, Commerzbank shares in the red at 2.8%, Barclays -2.3%, Lloyds -2.2%, HSBC -2.2%. Shares of British chocolate manufacturer Cadbury soared 3.5% after a U.S. food manufacturer Kraft Foods said on the Harmonization of buying a controlling stake in the company for $ 19.5 billion Oil continues to fall against the dollar strengthening. Spot Brent $ 75.6. Futures decreased by 0.8%.

Trading on Russia"s market began in the neutral zone, then the market started to decline. Futures on the SP 500 index lost growth and left in a minus, negative dynamics persists in Europe. At 15:40 MICEX index decreased by 1.24%, RTS index at 1.27%. Trading volume on the MICEX stock market remains at the average level since the beginning of the year, 31 billion rubles.

dynamics of oil continues to disappoint the players, oil and gas sector remains an outsider. Transneft shares decreased by 2.9% after yesterday"s 7% rise. Surgutneftegaz vaccinated. -3.1% -2.4% Gazprom Neft, Rosneft -1.8%, -0.9% Gazprom, Lukoil -0.7%. After a week"s rally adjusted stock steel companies. Severstal -1.7% -1.7% Mechel, Norilsk Nickel -1.5%. Sberbank shares morning updated maxima at 91.6 rubles. And then went to minus 1%.

macro in the U.S. today are not, we will wait for bank statements Citigroup about 16:00. That the results of Citi and the reaction of the American market will largely determine the dynamics of the market to close. Negative news will strengthen the decline, the market may lose 2-3%.

From my point of view, Russia"s market is overbought, with such changes in prices of oil from the reduction in our continuing to hold a "cash cushion". Ideas for continued growth are still there, the negative statements of U.S. companies could trigger a turn in the markets, then it is likely formed normal correctional movement on the MICEX index is about 15-20%. Free money in this case will go to the dollar, which could cause a sharp decline in commodity prices, especially for metals. Medium-term investors I would advise to go to the cache in the current situation, the ratio of money and securities in the portfolio to reduce risk should be roughly equal.

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