long endure ruble devaluation market will not

This afternoon, the Russian stock market have been reluctant to slide down under the influence of internal and external factors. The external factors traditionally decline in European stock indexes. And the factor that led investors today ponervnichat has become a serious devaluation of the ruble and the euro and the dollar. After 12 hours the cost bivalyutnoy baskets against the ruble has gone up to 15 hours of its growth has made 0,5%, reaching a mark of 38.30.

In recent years the media have become more publications in favor of a possible devaluation of the ruble has already this fall. Many analysts rightly feel that this will benefit our resource companies (oil, metallurgists, fertilizer producers), which are ruble costs, but receive more than 50% of foreign exchange earnings. All right. But one should bear in mind that the current high prices for shares of Russian companies, we see mainly due to the influx of hot money from western markets. While the fluctuations are small, they are not who does not pay attention, spisyvaya it to market fluctuations. In the case of a continuing process of sustained devaluation of the ruble, we may face aggressive fixation of non-profits on our stock market, transfer of assets into the currency and the withdrawal of the money back overseas.

MICEX index lost to dinner every morning achievements in the area and left a small minus (-0.35%). Exactly the same sign and magnitude of loss and now have the leading European indices. Thus, against the backdrop of relatively stable oil prices and currency market Forex, buyers are quite weak. Such a market can be attributed to the dynamics of the approaching tomorrow's Fed decision on U.S. rates and uncertainty that the market is able to further distend its capitalization.

In the 16-30 waiting for data from the United States on labor productivity and labor costs. Productivity growth is the key to non-inflationary economic growth and wage increases. The interest in our cause data from the United States in the volume of stocks in the warehouses of wholesale trade in June (18-00 Moscow time). According to analysts of Goldman Sachs stock replenishment business would be a sign of the revival of the economy. However, in our opinion the replenishment of stocks will also mean the company's work at the warehouse, rather than the end-user. How all this will assess the market, will be clear already evening.

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