Today, Russia's market continues to grow and is trading at its highest level since the beginning of this year. The main reason - is to increase the price of oil, as well as growth in the U.S. and Asian trading floors.

It is equally important that the interest in Russia's assets remains high, and paper - were undervalued compared with their counterparts in other emerging markets. In particular, we estimate that the paper now, Russian companies traded with a coefficient of 9,5 x the price of profit in 2010. The same ratio for Chinese companies is 17X for Brazilian -13,5 x.

The main factor for investors this week will be out of U.S. company results for the III quarter of 2009, which set the tone for trading, not only for the financial sector, but also for the whole market as a whole.

The focus will be on the reporting of large U.S. banks. Wednesday is scheduled for release reporting JP Morgan Chase, on Thursday - Citigroup and Goldman Sachs, on Friday - Bank of America. There is reason to believe that reporting may be even better than market expectations. This is due, in particular, will continue in the III quarter of 2009, growth of activity in the financial markets. Thus, in the U.S. III quarter was a record in terms of IPO - it held 20 placements on the amount of $ 5.8 billion, the highest figure from the II quarter of 2008, ie can say that the market returned to pre-crisis level.

We expect that this week on global markets, including in Russia, will dominate the positive dynamics. We recommend the selective purchase of securities of companies cyclical sectors showing the best dynamics by changing the phase of falling to growth: the banking sector, media, telecommunications, development and construction.

This week, we recommend investors to pay attention to the paper VTB. It is expected that the financial and operating results VTB significantly improved from IV quarter of this year. Note that the results of the investment banking division VTB, likely to prove better than the expectations of most analysts on the background of dramatic improvements in the financial markets. In this paper VTB continues to haggle with a significant discount to the papers of the SavingsBank at a rate of cost of capital in 2010. According to our estimates, for securities VTB rate was 0,7 x, for the Savings Bank - 1,8 x.

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