By the end of Friday trading in the United States prevailed in the markets, optimism has given way to lock in profits, which only intensified by today morning. With a very mixed picture of trading in China is obvious outsider, the justification for the ongoing evaluation of the stock market which is highly questionable in the context of the outgoing company reporting and possible restrictions that the government may impose on the industry in order to avert a crisis of overproduction. Quotations decrease of raw materials and sales in Asia, apparently, today returned home market in the region 1080-1090 forth on MICEX.

During Friday trading session in the United States has increased significantly the desire of investors to take profits, particularly in the context of growing fears of a second wave of the crisis, which may run the economy because of the extremely weak consumer demand. The index of consumer expectations (Michigan sentiment) was the weakest in the last four months, although it surpassed expectations. Statistics on personal income and spending of Americans showed that in July, their incomes have not changed, while spending rose by 0,2%. However, the major concern of investors is, how high the cost of dependent programs of state support: the market believes that in the absence of new incentives, consumption in the United States may continue to fall. However, the reverse side of the coin is that, fighting deflation processes, the Fed will continue to maintain excess liquidity in the market, which will keep prices on the stock and commodity markets at a high level.

As a result of trades in the U.S. is difficult to discern clear outsiders in almost all sectors recorded slight losses. The Dow eventually lost 0,38%, and SP - 0,199%.

This morning in Asia, pressure on the stock markets has increased. The regional index MSCI Asia Pacific fell 0.4%. The main reason for lower benchmark served as the election results in Japan, during which the ruling party lost in the struggle against the opposition, as well as another wave of selling in China, provoked by reports of weak companies, and fears of tighter monetary policy. However, if the Nikkei on fears change foreign policy and the subsequent sales of shares of exporters declined by less than 1%, the Chinese Shanghai Composite has fallen off to 5.4%.

The observed reduction in raw materials, as well as falling Asian indices seem to provoke a wave of profit-taking in Russia market, which resulted in the MICEX index may fall to the level of 1,080 p. Among outsiders, seem to prove oil shares , will look slightly better than banks and metallurgists.

However, in the mining sector is divided into two bright spots: Lukoil and NLMK. Lukoil managed to return to the previous year's level of profitability, reflecting the successful completion of company crisis. NLMK, according to the reporting for the second quarter, was also able to significantly improve their profitability: EBITDA rose to $ 234.3 million EBITDA, and, given the growth in sales and prices in the summer months, may well double in the third quarter.

In the energy sector the most important news may be a revision of investment programs for energy companies Gazprom. On the one hand the total amount of investment was reduced by a quarter (269 billion rubles.), As part of the project extended to 2015, potentially reduce the burden on the cash flow of the energy holding the gas monopoly. However, reducing the volume of inputs will not: the rejection of the construction of second units on projects OGK-2, will be offset by the construction of new facilities Mosenergo. As a result, Mosenergo, which had no obligations under the DPM, now must be to seek funds for new projects.

onset week will be very generous to the economic publications. The focus of investors will be attracted to outgoing statistics on labor markets in the euro area (Tuesday) and the U.S. (Friday). Recall that the statistics on unemployment in Japan has reached the maximum of a half-century, thus threatening the restoration of the second-largest economy, so any negative labor market from the U.S. or Europe could lead to a new wave of sales. In addition, interest will be the euro-zone GDP data (Wednesday), which may be revised downwards, the ECB meeting, data on retail sales in the euro area (Thursday), as well as European and U.S. manufacturing index. In general, we expect that by mid-week indexes can begin to rebuild, but on the eve of publications from the labor market nervousness in the markets will rise considerably, which could lead to a sales Thursday-Friday.

Recommendations on RTS Index futures for Monday
Shares of main and distribution companies are the most undervalued from a fundamental point of view
While not expected to significantly reduce, the MICEX index and major papers continue Comma delimited
Negative flow from China adds uncertainty about the long-term trend for reviving the global economy
The worst of the market today can be shares of MMC Norilsk Nickel
Significant trading ideas the market will get only in the second half of the week
MICEX Index has consistently failed to go above 1100 points, but not in a hurry to fall below
On Friday, stock indexes in the United States showed a downward intraday dynamics
Britain calls on European countries to increase contributions to the IMF