Key event on Friday was passing in the American Pittsburgh final day of the summit G20, the final decision which, as expected, investors could mark new realities inherent in the global economy in the post-crisis period.
Note that the global markets while not inspired by the fact that the final document of the meeting Big Twenties was stated that the anti-crisis measures aimed at stimulating the economy, will continue. In addition, on Friday, the U.S. monetary authorities reiterated that the low interest rates will continue for a long time.
Among the other decisions of the summit should be noted the decision to limit the financial excesses, to raise standards for capital and premiums, as well as to eliminate subsidies for energy in the medium term. Another outcome of the summit was that the leaders of the G20 agreed to change the quota in the share capital of the International Monetary Fund. It was agreed that in order to strengthen the role of developing countries, their financial participation in the IMF to grow by 5%.
It is noteworthy that even for such, in our view absolutely populist, subject, as the payment of bonuses to top managers of the banking sector, was also found consensus.
Note that the question of bonuses to the bankers had previously been the main bone of contention between the U.S. and Europe. Moreover, if the representatives of the United States rightly pointed out that the imposition of strict rules on the payment is in conflict with business ethics, the European leaders insisted that international rules governing the operation of banks, should be incorporated into the new items designed to limit the size of payments. The main initiator of these requirements was the French president, Nicolas Sarkozy, who before the meeting, G20, routinely promised reporters that if no concrete action on the matter, he pointedly leaves the summit.
One can only wonder - whether triggered blackmail Sarkozy, whether leaders decided to please anti-globalists, however, the Council for financial stability, to address the G20, intends to submit a set of guidelines for payments to the bankers, who will now depend from the capital of banks. Thus, if the bank loses, it will be possible not only to delay most of the premiums, and its payment in shares, but also will be able to demand a refund.
Recall that the publication of the United States have been mixed, because if such indicators as the index for durable goods and sales of new homes, despite the forecasts of experts, showed an unexpected drop, the indicator is the University of Michigan consumer sentiment, in contrast, presented pleasant surprise.
Thus, the index of orders for durable goods in the U.S. for August, while the forecast 0.1%, amounted to -2.4%. In this case the previous value was also revised downward, from 5.1% to 4.8%. The final value of the index of consumer sentiment University of Michigan in the U.S. for September, while the forecast was 70.1, and the previous value of 70.2, was 73.5.
And the number of sales of new homes in the U.S. for August, while the forecast was 443 thousand, and the previous value of 433 thousand, amounted to 429 thousand
Indices in the U.S. fell on Friday on weak data on orders for durable goods
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