Do not overestimate the threat of Chinese

Today positive Asian sites and oil prices speaks in favor of opening Russia's actions in the green zone. Growth indices at the opening will be 1-2%.

Market participants also expect good financial results from companies. Evraz Group will publish reports for the first half of 2009. IFRS, and of course the long-awaited GAAP Rosneft for the second quarter. Novatek will pay dividends for the first half of 3.04 billion rubles. or 1 rub. share. The register of shareholders who are entitled to receive dividends, will close on September 9 meeting will be held in correspondence on October 15.

LUKOIL President Vagit Alekperov, in an interview with one of the leading business publications noted the stabilization and some recovery in demand for fuel. In relation to the past year, fuel consumption decreased by 7-12%. Despite the crisis, the company plans to continue the development of the Caspian Sea fields of Central Asia, especially Uzbekistan. Interview contains no fundamental news for the market, however, confirms the status of LUKOIL as classy and from our point of view, undervalued chips. Lukoil is fast becoming an international TNCs with Russia's roots.

Although the long-term (3-5 years) investments we continue to make an emphasis on Rosneft, primarily due to administrative support and the prospects of Eastern Siberia.

Chinese factor in the case of the negative, we consider as local. Against the background of global economic recovery should not fear a sharp decline in oil prices and U.S. indices. So, our chips before the end of the year, have all chances to reach the corridor 1300-1500 points on the RTS index, in this case, the capitalization of Russia's actions would meet the current conjuncture of raw materials and modern macroeconomic realities - adequate levels of three years ago. Our rates are unchanged - ROSN, LKOH, GAZP, HYDR, GMKN, MTSS.

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Forex Asia