In our view, the Friday rally (associated with the statistics on the labor market in the U.S., which turned out better than expected) will not continue throughout the week. In our view, investors are willing to lock in profits. On the other hand, brings considerable optimism that the U.S. markets on Friday, the day before the long weekend, closed with a big plus (more than 1.5%), reflecting the positive mood of investors. Thus, we expect that this week the dynamics of world markets will be mixed.

The most important macro-economic statistics this week, will be released on Friday in China: is data on industrial production, investment and retail sales for August as well as data on consumer inflation and inflation at the producer in August. We expect that these data will show continued good growth of the Chinese economy. Another important event of the week will be a regular meeting of OPEC, which will be held on September 9. As oil production quotas, we do not expect any changes, therefore, in our opinion, the forthcoming meeting will not affect the quotes.

Today, Russia's stock markets we have seen significant growth, associated primarily with the acting out of a positive closure of American and European sites on Friday. Among other reasons for the growth we can distinguish the growth of oil prices and optimism among foreign investors in relation to Russia's stock market in general. There is information that, for example, the dynamics of Sberbank shares at the end of last week, largely due to significant interest in the paper among large foreign institutional investors. Thus, the optimism of foreign investors in relation to Russia's market is preserved.

Shares Russia's companies continue to trade at a discount relative to stocks of companies of other emerging markets. Factor price per share /earnings per share for the year 2009 for Russia's market is equal to 9. For comparison, the same figure for the Chinese market is 18.

In Russia this week, one of the most important events for the market and the investor will be reporting the Savings Bank for the I half of 2009 under IFRS. We believe that accountability can surpass the consensus. This may cause further growth of quotations of the bank.

In September, we look positively on the ruble. We believe that the ruble will continue to be strengthened slightly against the dollar. First of all, the continued high trade surplus is supporting the national currency. Moreover, it is important to note that in September, Russia's corporations need to pay the entire $ 7.4 billion external borrowing. For comparison, in June, had to pay $ 12.5 billion in July - $ 11 billion in August - $ 7 billion Thus, the payments reduced, and it supports the ruble. September - last month of the quarter, and increased tax payments by corporations, Russia will also lead to the strengthening of the ruble.

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