Results of the Fed meeting, radically transformed the picture of what happens in financial markets: the Fed has signaled that, at least in the semi-annual term, is not going to deviate from the policy of zero rates, but may limit the amount of incentives provided by the economy. Yielding assets, growing over the past days have been a major selling: the leading stock indices lost more than 1%, oil prices fell to $ 68 a barrel, the dollar against the backdrop of increased demand for protective assets (treasuries) began to dramatically strengthened, reaching $ 1.4750 per euro . Changing attitudes in the financial markets, initiating the flight of capital out of risky assets are likely in the coming days will cost the domestic indices lost 3-4% of capitalization.

Trading on the American sites ended sellout. Acceleration of stock indices in anticipation of the Fed meeting, followed by a massive profit-taking. The Dow fell 0.83% to 9,748.55 p., SP - on 1,01% to 1,060.87 p. It should be noted that in general meeting of the Fed has not brought much new. The report of the American central bank said that economic activity rose in August, financial market conditions continued to improve, there has been recovery in the housing market. At the same time the Fed made clear that the pace of economic recovery are not sufficient to deprive her of available incentive packages and even less to worry about raising rates. However, the Fed realizes that a huge amount of funds pumped into the economy to absorb. Monetary authorities have decided to stretch out the program of redemption of mortgage products and treasuries to March 2010 instead of December 2009, thereby limiting the volume of market liquidity, reasoning the desire to stretch over time support this market segment. But the greatest impact in the camp of investors due to the change of the final section in the accompanying Fed statement: instead of the previous sentence was present on the use of the Fed all possible tools for economic growth, it is now a phrase that monetary authorities would use a broad set of tools for economic Growth.

In general, the Fed meeting were not surprising: the era of cheap money will last at least another six months, a sharp reduction of incentives is not forthcoming, the economy continues to recover - in short, the Fed did not say anything that fundamentally could lead to a significant sale in risky assets. Nevertheless, the major indexes have fallen off, which is rather the consequence of market dominance of speculative capital.

Trades in Asia also have been marked by sales. MCSI Asia Index fell by 0,3%, mainly due to a drop in shares of mining companies that followed after the raw materials, as well as shares of companies of the financial sector.

Today, the wave of sales spread to Russia's market and could cost the loss of capitalization indices of 3-4%. Amid Drawdown quotations oil to $ 68 a barrel, an outsider will be shares of oil companies. Also, judging by the dynamics of trades on foreign sites, the pressure may be shares of steel companies and banks that dominated the last few days. In the energy sector under pressure may be shares of TGK-6 and TGK-7, which goes out from under the nominal control of IES, which increases the uncertainty regarding their future and execution of investment programs. Most likely, that IES will remain majority shareholder and manager of TGC-6, but the THC-7, appeared to yield to either share with Gazprom.

Despite the very negative external background for the opening today's trading, we do not exclude that by the end of the week the pessimism prevailing in the market, will decrease and if the head of G20 countries chose to preserve the existing incentive measures against global economy, capital will return to risky assets.

Quotes of the ruble against the dollar and against the currency basket of the MICEX today are 30,11 and 36.53 rubles
Better the market will now look not directly related to trade securities markets - telecommunications and energy stocks
Which began at the opening of sales are unlikely to be sustained - the negative news was partially played yesterday
In the coming days on the market can expect an increase in volatility, as early as next week, the position of indices will be higher
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