markets slide down a bit before leaving the data on payrolls. China may start tightening monetary policy

low-bid in anticipation of the release of key statistical data this week continued. There is a small profit as a fixation on the Russian stock market, and in European venues. Oil is moving along with the stock indicators, losing about 1% on yesterday's values. Payrolls have continued to be a key event of today's auction, but this is a significant event in the short term. At the same time for the medium-term trends in the markets is much more serious consequences may have a validity of China to prevent overheating in the markets in the context of excessive liquidity, put them in recent months. In particular, the People's Bank of China also does not preclude adjustments to their policies, and China Construction Bank has already announced plans for a 70% reduction in the volume of term loans issued in the 2 half of 2009 about half of 1. All of this negative signal to markets that, in fact, growing up in recent months, largely due to excess funds received for them at the beginning of this year thanks to ongoing program quantitative mitigation.

If you talk about the Russian stock market, it continues to trade within the lateral correction. MICEX Index may go down another 2%, to close the gap on Monday, so the bull is not in a hurry to suggest a declining price chips. Meanwhile, more than that left at 10.00 Moscow time on the positive foreign trade balance of Germany have been overshadowed by 4 hours later, appeared weaker than forecasts of numbers on promproizvodstvu.

Russian blue chips to lose in 4% of the price. In doing so, shares of FGC - the leader of decline. Of the corporation's top managers will leave the former Unified Energy System of Russia - was announced today to terminate the powers of the First Deputy Chairman of the Board A. Chistyakov, previously the company left its head - A. Rappoport. Change management is not the best news in this period. Better the market shares are VTB (-0.2%), which reached the level of support at level 4 pennies, and now beginning to otygryvat incurred in the last 3 days of loss. Buying shares in the bank for a placement of additional issue of prices more than 20%-Term premium to the market price, in our view, remains the most interesting speculative idea in the market today.

The main event today, we can take the decision of the CBR to reduce the refinancing rate by another 0.25 percentage point, despite the strengthening of inflation in July. How significant is this quarter to reduce the cost of corporate borrowing, have yet to learn, but the currency market after this decision, the Central Bank of the ruble has weakened as the dollar and euro. Cost bivalyutnoy basket has risen by more than 1%. Stanislav Kleshchev, VTB 24 (JSC)

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