Europe

European markets decline. Pan-European FTSE Eurotop 100 index -0.39%, the German Xetra Dax -0.68%, French Lyxor Cac 40 -0.6%. In London trading is not conducted in connection with the holiday.

The Chinese market fell by 7% amid fears that the decline in lending could prevent the economy recover quickly. Reduction in China, which is a major consumer of raw materials, reflected in the commodity sectors. In Frankfurt, declining shares of the largest steel producer Salzgitter -2%, Thyssenkrupp -1.5%.

consumer price index in the euro area in August declined by 0.2%. Expected to decrease by 0.3%.

Oil

oil minister of Qatar said that in his opinion, the Organization of Petroleum Exporting Countries (OPEC) will not change production quotas at a meeting on September 9. Oil futures decline by 2% against the negative dynamics of world markets. Spot Brent $ 70.6, WTI $ 72.74.

Russia

The market opened lower, but rests on openness, despite the decline in crude oil and U.S. futures. At 16:10 Moscow time the MICEX index decreased by 1.6%, RTS index at 1.76%. Trading volume on the MICEX stock market of 20 billion rubles., Which is significantly below average.

leaders of growth in the outstanding shares of telecommunications companies in the sector clears the idea of quick reorganization of Svyazinvest. North-West Telecom 6.1%, Sibirtelecom vaccinated. 4.4%, Uralsvyazinform 4.4%, Volga Telecom vaccinated. 3.2%. Shares Transneft grow by 5.6%, from tomorrow they will be included in the calculation of the MSCI EM index and the MSCI Russia.

shares of commodity companies lose in price. In the oil and gas sector once again looks better Lukoil -1.3%. Vice President Leonid Fedun said that Lukoil plans to close the deal on September 1 to purchase a refinery TRN in the Netherlands, in IV quarter of 2009, expects to increase investments in overseas projects. Surgutneftegaz -1.9%, -2.3% Rosneft, Gazprom -2.4%. Shares reacted negatively to the metal-reporting of China's largest steel group Baoshan Iron Steel. Mechel -3% -3% of CMI, TMK -2.8%, MMC Nornickel -2.7%, -2.5% Severstal.

Forecast

important statistics, today there is not, therefore, increase the activity and volume should wait until after 17:30, when will the U.S. market. At 13:00 in the euro area are data on the consumer price index, at 16:30 in the U.S. Chicago manufacturing index (PMI).

Once again, the market ignores the collapse in China and the negative dynamics of futures, which, of course, talking about their readiness to continue to retain the current levels. Most likely, this sharp fall today will continue to fluctuate around current levels. From a technical point of view, the level of support will make 1080 points, below which the market has not been a week already. Speculators, I would recommend this to stay out of the market, the medium-term investors to partially close the profitable position and wait for the correction.

Hiding Naftogaz consolidated statements for 2008 may be indicative of Defaulted
Forex - in the European session
Low volumes of today's trading showed the speculative component of profit-taking, and not to withdraw large investors
Among the leaders of today to reduce paper metallurgical sector, in particular, Norilsk Nickel
Reducing the stock market in China should not significantly affect Russia's stock market
Sergei Shmatko: Restoring Sayano-Shushenskaya GES will be implemented in several stages
Euro continued to fall, currently testing 1.4280 support
Euro failed to break away from the mark of 1.43
Rate for the dollar has risen - the evening review of cash markets