As we forecasted in our last two surveys, oil prices bounced off the support level, which is the lower limit of the rising channel. The assumption that sovereign funds will buy, seems justified. Perhaps the Chinese funds there is a definite plan to build positions in commodities, for which they are accountable at the end of the month. Accordingly, they decided not to wait for lower prices for oil for another $ 2-3 (up to target levels), and decided to buy now. Moreover, the reduction in U.S. petroleum stockpiles left little hope for a continued correction. Thus, the road to growth in oil prices to new highs this year's timetable.

As the mood on the foreign exchange markets, they are generally positive. Americans have traded above the levels at which they were, when Russia's closed market, and Latin America and Asia, in general, higher than yesterday. In this case, the index Dow Jones, it seems to be forming model triangle, which indicates the continuation of the uptrend in the near future. With regard to the relatively poor macroeconomic data, published yesterday (the indices of the mortgage market fell, and the data on employment from the ADP were worse than expected), then perhaps it is better. In any case, talk about the refusal of the stimulus package and the exit policy somewhat poutihnut, and this is perhaps the only one now, bear factor. In addition, growth can help, and corporate reporting season which starts soon. Moreover, in contrast to the macroeconomic statistics and corporate data are now dual effect on the market: not likely due to a very good company reporting monetary authorities decide to tighten monetary policy. In summary, we conclude that the growth of stock markets now have all the conditions.

Our recommendation on Russia's stock market - to buy. We look forward to (until the end of the year) the increase in oil prices to $ 93 per barrel and increase the RTS index to the level of 1750 points. In addition, we expect the strengthening of the ruble to the level of 27 rubles. per dollar.

Russia will repay embarrassing debt of the USSR in exchange for Eurobonds
Fitch downgraded the rating of Naftogaz to RD - limited default
MPs propose to establish a penalty for failure to appear in court to 200 non-taxable minimum
Russia's indices are in positive territory thanks to good dynamics in the oil futures market
Blue chips mainly located in the Green Zone, the leaders of growth stocks CMI, Gazprom Neft, LUKoil
Russia's investors have received a new tool for the global trading
Finam increased the bank's assessment of the St. Petersburg
Ended up a dollar rally?
Yesterday, the euro /Swiss franc sharply higher in early U.S. session, with a mark of 1.5072 to 1.5235 resistance