If you look at the medium-term (for example, over the last year) schedule RTS index in terms of technical analysis, we can see the formation of model triangle with the center in the region of 1000 points. The idea is that this model means that in the coming months to continue the growth of the Russian stock market, the first phase of which we have seen from February to June of this year.

Given the current volatility of the RTS index, the objective of such growth should be located not less than 1800 points.

If you talk about fundamental factors, they also pushed the Russian stock market to increase. In order not to repeat, we will not discuss now the medium-and long-term factors: they were quite extensively discussed in our previous reviews. With regard to short-term factors, the most significant news that emerged this week, are also positive. For example, most macro-economic data on U.S. and euro area has proved much better than expectations: Published on Monday NY Fed Empire State manufacturing index, German ZEW (Tuesday), Philadelphia Fed index (yesterday), PMI France, Germany and the euro. And all the positive data refer to August, and hence are more fresh than the negative (they are all for July, except for Jobless claims). Finally, Merrill Lynch published a survey of traditional asset managers, which showed that 75% of the respondents (a record number since 2003) believe that in the next 12 months the world economy improves. In addition, seeking to increase investment in equities to 34% more than those who do not intend to do so.

Thus, we believe that the Russian stock market has all the prerequisites for the start of a new rally.

Regarding the prospects for the Russian ruble, in the short term, increasing the propensity for risk is clearly contributes to its growth. In addition, when compared with the currencies, comparable to the dynamics and risks, the ruble is already underestimated about 10%. With regard to the medium and long term, the ruble is also bound to (a detailed analysis of his analysis of the preconditions referred to in our previous reviews). The only thing that is somewhat hampered by the strengthening of Russia's national currency - the demand for foreign currency from major companies to service foreign debt. There is an interesting situation: one or more major banks accumulate Ruble (placing them on a short-term deposits with the Central Bank) under the forthcoming purchase of currency for customers, provoking the growth rates of MBC. Then buy the currency for rubles to foreign banks (and their subsidiaries), which opens in mid-term ruble positions. As the lines of foreign banks in the Russian colleagues are very small (affecting the effects of the crisis), the market did not get the money. As a result, every day we are seeing high rates of MBC. However, this situation will last not for long: as soon as the payments on external debt will be completed, greatly strengthened the ruble, and the rates will fall.

We expect the rise in oil prices to $ 100 a barrel before the end of the year, increasing the Dow Jones index to 11000 points and as a result, the RTS index growth up to 1800 points. Exchange rate may strengthen to 27 rubles. per dollar.

From 14 to 21 August, rental rates on one-room apartments of Kiev declined to 1.3%
Sokolovskiy: The desire to reduce the premiere gas imports in 2010 confirms the inadequacy of the gas contract with Russia
British debt is growing faster than analysts' expectations
Cabinet canceled its order for the Euro-2012
The index of the Frankfurt Stock Exchange Xetra DAX rose by 86.86 point, the index of the London Stock Exchange FTSE 100 rose 54.99, paragraph
Reducing the cost of purchasing the U.S. currency immediately reflected in the quotations of oil and industrial metals
The volume of trades in the market for government securities amounted to 26.62 billion rubles
Since December 2008 the share of KAMAZ trucks on the market increased to 68%
Euro-dollar draw up a second impulse