Friday auction was held, a very volatile week ended in minimal changes in the main indices (RTS index - 0.84%, the index of MICEX - minus 0.1%) and near the intraday minima. Low activity in anticipation of the weekend auction. Stagnation on the neutral dynamics morning futures on major U.S. indices and the dynamics of a stable world oil prices led to an increase in the opening and consolidation in a narrow range most of the day and the main Russian indexes. Changing attitudes to foreign markets closer to the end of Russia's bid (a weak opening of America, a superior reduction in the capital stages in Europe, the decline in world oil prices) to support divergent closure of the main blue chips (-1.65% Gazprom, Lukoil - minus 1.17%, Nornikel -- 4.08%, Sberbank - minus 3.94%, Rosneft - minus 1.77%, Surgutneftegaz - minus 0.88%, VTB - minus 2.83%). As leaders of decline - after shares of banks is not optimistic forecasts of Sberbank management to further enhance the forced impairment losses. In general, REGULARITIES break after a hectic Friday, the weekly dynamics of negative outcomes (the main indices on the basis of last week, lost more than 5 per cent).

Today morning, a little external negative background and the complete absence of internal drivers that can encourage the purchase of Russian securities involves mainly the negative dynamics of major Russian index of at least the first half of the tenders. Mixed trend in the closure of major U.S. indexes (DJI - minus 0.4%, NASDAQ - 0.47%, S P500 - minus 0.15%). The regular fixing of profit growth after the previous day. Against a background of declining global oil prices, negative dynamics accompanied shares the energy sector. The index of the largest oil companies fell as a result of trades at 0.7%. On the positive territory kept shares of banks. At the end of the day, shares of Citigroup have not changed, JPMorgan shares rose by 0.91%, shares of Bank of America - at 3.24%. The absence of meaningful statistics today, but very busy calendar later in the week. The negative dynamics of futures on major U.S. indices are not yet suggesting a change of negative dynamics of Wall Street today. In general, the expectation of Labor Statistics U.S. data later on Thursday of this week and wait for the start of the quarterly financial reporting period of the largest companies in America and Europe. All will contribute to an increase in volatility on major stock and commodity platforms by the end of the week with the likely negative trends today.

flat trend - in the stock markets of Latin America (Mexico - 0.88%, Brazil - minus 0.06%, Argentina - minus 0.06%) and Asia (Japan - minus 0.95%, Korea - minus 0.5%, China -- 1.14%, Taiwan - minus 1.19%).

Reduction - on the world oil market last Friday, continued negative trends in the auction in Asia today. August futures price of oil brand Brent, on the basis of Friday trades fell by 0.86 dollar to 68.92. In Asia, prices declined by another 0.57 dollars.

Lateral dynamics - in the market of major base metals. As a result of trades on Friday LME, three-month futures price of nickel rose by 0.79%, lead - to 0.29%. At the copper price fell by 1.51%,and zinc - to 1.61.

slight negative trend - in the ADRs of Russian oil and gas stocks in the U.S., mostly bad discount relative to the closing prices of shares on the RTS on June 26. Gazprom - minus 0.56%, Lukoil - minus 3.48%, Surgutneftegas - 0.6%.

The Russian stock market - the expectation of a neutral to slightly negative opening. The preponderance of negative trends - and the later afternoon. The preponderance of negative external drivers in the form of lower futures on major U.S. indices and negative dynamics of world oil prices. Primacy of the negative short-term technical trend of major indices and the entire spectrum of the most liquid securities. Finally, the gradual decrease in activity and an increase in volatility in anticipation of the summer lull. The range of variations on the MICEX index today - 970-920 points in the early prediction of broadband year of consolidation from 1100 to 800 - 760 points.

Today, the MICEX index during the day may test support in the region of minima the previous week - 920 points
The Russian stock market now expects outset or renewal of a downward correction
The market is expected to moderate multidirectional movement of quotations, unless one of the trends will not penetrate
Later on the Russian stock market is expected upward movement, although there is downward trend
Higher prices for metals can support paper metallurgical sector
Today may be declining shares of banking and metallurgical sectors
Rostelecom has built a new high-speed fiber-optic link Russia - Latvia
Chairman of the Board of Directors of Tatneft elected Prime Minister of the Republic of Tatarstan Rustam Minnikhanov
Tatneft will pay dividends for the year 2008 in the amount of 4.42 rubles per share