The main factor for investors this week will be out of U.S. company results for the 4 quarter of 2009, which set the tone for trading, not only for the financial sector, but also for the whole market as a whole.

The focus will be on the reporting of large U.S. banks. Tuesday is scheduled for release reporting Citigroup, on Wednesday - Morgan Stanley, Bank of America and Wells Fargo, on Thursday - Goldman Sachs. There is reason to believe that the statements of U.S. banks will be strong and may even be better than market expectations. Activity in the capital market further increased in the 4 th quarter, and revenues of U.S. banks, which are major players in global capital markets, have remained at a good level. Accordingly, we believe that this week the markets will be dominated by a positive trend.

this week released a lot of important macroeconomic statistics. In particular, on Thursday there are data for December on Macroeconomics of China, which include a package of different measures, namely, data on inflation, retail sales, industrial production and corporate investment. These statistics demonstrate that the growth of the Chinese economy continued to accelerate. In particular, we note that the market expects to see growth in industrial production in December at 19.6% in annual terms.

In the United States also face important macroeconomic indicators. In particular, in the environment are data on top of new construction in December. The market expects a rate of 574 thousand. We note that the U.S. housing market revives after the financial sector and the labor market.

In Russia closer to the end of the week we will see data on industrial production for December. Here, we predict that the yoy growth was 3%. Accordingly, the trend towards macroeconomic growth is not only persists, but becomes even more pronounced.

As Russian trading platforms, they are likely to follow the world. Also be noted that this week may be informed about the placement of IPO Rusal in Hong Kong. Accordingly, if the book applications will be fully underwritten, it will be good news for the Russian market. We believe that a successful IPO Rusal will help Asian investors pay attention to Russia"s stock market, given the fact that they are poorly represented on it.

We also want to note that last Friday, Sberbank announced a significant reduction in interest rates on deposits. In particular, the maximum rate of market deposits decreased from 11.5% to 8.5%. We believe this positive news for the Savings Bank, because the low deposit rates reduce the cost of funding. According to our estimates, the current lower interest rates Savings Bank will be able to save during the year from 7 to 10 billion rubles.

At the moment we leave our target recommendation without change to obtain more specific details on the new interest rates Savings Bank. There is a possibility that we will increase its target for the recommendation of Sberbank, which is still $ 4.05 per share. On Monday, Sberbank looks better than the market. This is primarily due to the decision of the Savings Bank of the sharp decline in interest rates.

Accordingly, we believe that Sberbank this week may show positive dynamics advanced.

Bad today look action "Savings Bank", which provides support for the expectation of publication of financial statements of Western banks
The focus this week will be focused on the reporting of large U.S. banks
ISD is in talks to restructure the loans from 40 banks
Managers of Mitsubishi Motors and Peugeot-Citroen are in talks to swap assets
Better the market again today traded securities metallurgical and mining enterprises
In the growth leaders today were shares of companies of ferrous metallurgy, oil and gas sector are allocated "prefecture" Transneft "
Oil and gas companies leading the market of mergers and acquisitions in 2009
Experts predict a stabilization of prices of petroleum products in late January - early February
In the absence of trading in the U.S. indices showed Russia"s "bullish" mood, tomorrow"s session promises to be more volatile