Despite the fact that the fall in Asian indices outweighs the modest American Plus, we expect slightly negative or neutral opening Russian trading. We believe that most market participants aware of the underestimation of Russia”s stock market relative to current oil prices, and to the realization of the fundamental building Russia”s equity will have some internal support for the external background.

The positive news should also include information about what Russia repaid the remaining debt to the London Club of creditors. Calculations with the Paris Club were completed back in 2005. The debt to the London Club represents a debt of the former USSR to the private commercial banks in Western Europe, USA and Japan on loans borrowed by Vnesheconombank USSR until December 31, 1991

The main negative today concerns the oil companies. According to the media, against the decision to exempt from export duty oil from fields in Eastern Siberia by the Ministry of Finance. If the ministry officials will ultimately prevail, it will suffer Surgut, TNK-BP and, above all, Rosneft. The decision on zeroing tariffs would come into force on January 1, ie oil companies already have a loss. This news, of course, is very negative for the market, the situation is not clear, and market participants is still only hope for the administrative weight of Rosneft and Surgut. It is believed that the idea of zero duty belongs to the General Director Vladimir Bogdanov Surgut. The actions of officials seem controversial, the situation with the budget does not seem critical, the state can withdraw profits from the development of oilfields in Eastern Siberia through dividends. State steak in Rosneft”s equity exceeds 75%, while 9.44% of shares are treasury, an echo of Yukos. Preferential tax treatment also preserves Gazprom. We continue to recommend shares of Rosneft and Surgut preferred shares for the model portfolio, however, the situation is not happy.

company Nord Stream has selected the company Europipe (Germany), OMK (Russia) and Sumitomo (Japan) to supply a total of 1 million tons of steel pipes for the construction of second-line gas pipeline Nord Stream. The total contract value is around 1 billion euros. Company Europipe will supply 65% of pipes, OMK - 25%, and Sumitomo - 10%. This news, of course, is positive for the market Vyksa, which will implement the project from the OMC. Now investors are actively looking for interesting ideas in the papers of the second echelon, and inexpensive assessment Vyksa for cartoonists played into the hands of the company. Shares Vyksa Steel Works is one of our key recommendations in the sector of the second echelon.

Today, Aeroflot”s board of directors will consider the purchase of 25,8% stake in the structures of Alexander Lebedev.

Indexes in Asia, falling due to fears of tightening credit conditions in the PRC
U.S. indexes rose on Monday on 0,2-0,5%, futures cheaper Tuesday
Falling quotations Russian securities may be quite large-scale
The increase in apprehensions of investors around the world leads to further subsidence of stock indices
Dollar exchange rate to the ruble on the Moscow Interbank Stock Exchange now stands at 30.31 rubles
In the current conditions under the greatest pressure may be shares of banks and commodity companies
As a result of the morning decline futures Brent crude sank to a level of 72.7 dollars per barrel
Almost all of Russia”s blue chips are in the “red zone”: Gazprom (-1.47%), LUKOIL (-1,97%), Sberbank (-1.95%)
If fear of slowing growth of the Chinese economy will go into panic, full drop in world markets can not avoid