Monday, 26 September 2011

Тhe Review of the world markets for 18 - on September, 24th, 2011


Sergey Egishjants, "we will reject pressure of humanoids!"
FRS could not please the market – and after a quite good rebound upwards the basic indexes again aggressively have gone downwards


Good afternoon. The twenty sat at the end of the past week – and after the Seven was limited благоглупостями. Strong earthquake has occurred in the north of India – because of it the building of the British embassy in the next Nepal has failed. Political news all are more cheerful: on parliamentary elections of Berlin the Piracy party has achieved sensational success – it has received almost 9 % of votes, having pressed green and free democrats (the last have absolutely failed); if so will go and further addressees of a rent for copyrights will soon be filled in with bitter tears. For now we are threatened with danger – scientists have beheld 3 fighting (!) ships of aliens flying to the earth: it agree WikiLeaks, they were found by navigating system on Alaska – wait for intrusion. Guardian advises to behave with aggressors reasonably, i.e. it is benevolent; if humanoids start to eat people it is necessary to be at war with them; and all it – in 2 months: hasten to see!




 Illustration: Artem Priests, Ah Ti Invest



Bernanke in the blue helicopter will arrive suddenly

The monetary markets. Has passed the next session of Fed – the memorandum left with delay almost for 10 minutes: disputes were hot – even two days have not sufficed. The economy estimation remained former – in August deterioration was marked, weakness preservation is now ascertained. Inflation is perceived easy – despite the three-year peak of annual growth of consumer prices reached in August. The new program of stimulation "Operation the Twist" is entered: till the end of June, 2012 FRS buys up on 400 billion dollars long (from 6 till 30 years) казначеек – and will sell for the same sum short (till 3 years); the purpose – to lower long-term rates in the market. Besides, Fed will be реинвестировать money from repayable bonds of mortgage agencies back in them – that till now did not do: probably, and here affairs are absolutely bad. As well as in August, 3 dissidents (Fisher, Plosser and Kocherlakota) were against fresh plans of monetary softening – the others 7 committee-men on the open market have supported innovations. The markets чаяли that Bernanke in the blue helicopter will arrive suddenly and will free of charge present баблом – the regional ohm instead has come, and actions were strong filled up: as we also assumed in the last review. Profitablenesses of short papers have jumped up, and long – have fallen, confidently having punched the previous bottoms: as a whole all approximately as well as should be.




Illustration: Artem Priests, Ah Ti Invest

The bank of Norway has kept the rate at level of 2.25 %; the report of session of Bank of England has shown on September, 7-8th unanimity in preservation of the rate and the former deal (8 for, Pouzen against) in invariable volume of the program of quantitative softening – however, a number of committee-men on the monetary policy is already ready to expand issue. US president Obama wants to cut down deficiency by reduction of expenses and increase of taxes to rich people and corporations: last idea is given a hostile reception by republicans; anyway it is ridiculous – the grandiose plan at the best will reduce a hole in treasury only by 20 %. At Europeans the ideas – the help of Greece "have suspended" to the middle of October: exactly till this time at Greeks remains money – and if help does not appear in time the default will follow. In revenge artful эллины have started hearing as if they intend not only to go bankrupt, but also to leave an eurozone – though the government has publicly rejected this idea, it by all means will rise in the agenda in some months. Agency Moody's did not have not enough three months for studying of a rating of Italy – therefore, probably that the Roman police has made searches at agency office; S&P it has appeared more bravely – and cut off a rating of Italy, for what has there and then undergone to abuse personally from Berlusconi; Fitch has confirmed the higher rating of Germany. Portugueses have found out not considered debt of region Madiera (again a surprise!) – in general, in EU all is habitual.

In bank system deficiency of liquidity – payment has come at once: S&P cut off ratings of seven Italian banks and has worsened the forecast on eight another – the largest creditors (Mediobanca, Intesa Sanpaolo and UniCredit) have suffered also. Moody's has lowered a rating of one Irish and eight Greek banks – and then has grown bolder and has attempted upon the sacred: ratings Bank of America (at once on 2 points), Wells Fargo are cut off and Citigroup – not deterioration of their affairs, and that the administration of the USA, apparently, any more does not want them to rescue at any cost became motive. But sacred sacred (J.P.Morgan Chase and Goldman Sachs) it is untouched – whether for a long time? Problems of the European banks have caused the expected answer: according to Financial Times, 2 weeks ago the German industrial monster Siemens has withdrawn from accounts in the French bank over semibillion euro and has sent them on the deposit in ECB – from a sin far away; Bank of China has interrupted forward transactions and currency swaps with BNP Paribas, Societe Generale, Credit Agricole and a number of other establishments – it is considered that the default of Greece more painfully others will strike on Frenchmen. The amusing innovation was given birth by parliament of Hungary – now the local residents who have carelessly taken a mortgage in the Swiss francs, can repay loans in local money, and at their obviously overestimated course: banks, including foreign, will lose on it of hundred millions (if not billions) euro – is especially unsweetened it is necessary UniCredit. Sign event: politicians reduce banks to please to the citizens – soon so will be everywhere.

The currency markets.  Dollar – deficiency of liquidity in a financial system and a collapse of the speculative markets have generated dollar rapid growth: euro has fallen more low 1.34, franc – till 0.92, pound – 1.53; and only the yen even has grown to dollar. The hearing that the Swiss national bank is going to lift a target barrier at a cross-country-course euro-franc from 1.20 till, has caused the next jump, but acknowledgement has not followed, and the course has stood nearby 1.22. The case of commodity currencies was especially rough – the Australian and Canadian dollars have fallen down below parity with the American: the participant of the market have decided that recession in world economy will strongly undermine health of the export-focused economy. This bowl and rouble which fell vertically – despite scale interventions of Bank of Russia because of which ЗВР last week have grown thin at once for 6.8 billion dollars did not pass. The Dollar-rouble has punched tops of last year and has returned to levels of 2009: Zone 31.5-32.30 (peaks and closings of former corrections, and also the top border of the channel spent at the prices of closing) it is almost punched – and if it so vicinities 33.5 then up to any 36 serious obstacles it is not visible become the following purpose.




Source: SmartTrade

Stock markets. As we also assumed, FRS could not please the market – and after a quite good rebound upwards the basic indexes again aggressively have gone downwards: for couple of days Dow-Johns's index has lost 900 points and has fallen below summer bottoms. The French indicator has accurately punched a bottom of summer – and is even worse the stock exchange of Hong Kong felt: a nasty sign for all speculative markets; RTS has failed most strongly (for only one Thursday – on 10 %). On corporate fronts we will allocate news about exile from post of the head Hewlett-Packard of Leo Apotekera after only 11 months after appointment – its place will be occupied with Meg Uitmen which were руководительница eBay and the candidate in governors of California; it is remembered, at HP at the height of crisis of the beginning of the century (approximately 10 years ago) already there was an experience of appointment to this post of the important lady – it has ended is sad enough.




Source: SmartTrade

The commodity markets have continued decrease – it even was accelerated by places. Oil, gas and gasoline have thoroughly fallen (WTI more low 80); industrial metals have fallen off – nickel from spring tops has already flied on 40 %; precious metals became cheaper too powerfully – silver has failed to 30, and gold has fallen to 1600. The agricultural goods have considerably dropped – except rice (prospects of its crop are gloomy) and meat; from the other goods recently coffee and cocoa most actively decreased.

Panikovsky in Sochi

Asia and Ocenia. The IMF has let out the next report on world economy – tons is pessimistic, all forecasts are lowered. Expectations of an increase of gross national product of the USA in 2011 are cut down in 1.7 times, and in 2012 – twice; an eurozone обкарнали at 1.25 and 1.5 times; Russia – in 1.1 times. Certainly, in practice all will be much worse – and already there is no growth, and there is a recession: but that it to see, it is necessary to clear statistics of rough distortions – and most easier to remember that levels of consumer inflation in all significant countries for world economy are underestimated on 3-5 % a year, and дефляторы gross national product – on 2-4 %. Here, for example, gross national product of New Zealand in the second quarter has ostensibly grown on 0.1 % to the first quarter (the increase fivefold was expected more) and on 1.5 % by April-June, 2010 – having considered the aforesaid, it is possible to conclude that in a reality we have something nearby–0.5 % and–1.0 % accordingly: feel a difference! – and so now everywhere. Activity in Japanese economy was obviously slowed down in the summer; In September the index of business activity in industrial sector of economy of the Peoples Republic of China remained in a recession zone – the third month successively. Advancing indicators everywhere are optimistical – only it, alas, the July data, now completely not actual. The balance of current operations of New Zealand of the second quarter has worsened – has brought the export, 30 % of gross national product making an order; in Japan in August the trading balance has returned to deficiency (and much more больший, than it it was expected) – rapid growth of import against extremely expensive yen became the reason.

Europe. Release in building sector of an eurozone in July has grown on 1.4 % after June recession in 1.3 %; quarter dynamics is similar also – as a whole for last 9 months the indicator has not changed, fluctuating near to long-term minima; optimism in branch saw only Germany. Industrial orders in July have grown only in Italy – but also at it splash in 1.8 % in any way has not blocked a collapse of May and June in the sum on 8.2 %; as a whole on an eurozone orders have given on 2.1 % after decrease on 1.2 % one month earlier; in Great Britain this indicator in September in a minus – export orders are especially bad. The indicator of economic expectations in Germany from ZEW in September has fallen – it has won back all growth from a bottom of 2008; dynamics of this index in an eurozone and Switzerland is similar – but numbers there are even worse; the trust of the French business falls. September indexes of business activity (PMI) in an eurozone are bad – the compound indicator for the first time since summer of 2009 has left in a recession zone: There both industrial sector, and sphere of services. Trading proficiency of Switzerland in August was compressed in 3.5 times by July. The prices of manufacturers of Germany in August have dropped; the British habitation slightly becomes cheaper – but only not in London; the British mortgage before last wave of crisis has shown a 2-year-old maximum. Moods of consumers fall across all Europe – in September especially gloomy dynamics was in the Netherlands, France and Britain; as consequence, demand falls everywhere – so, the Italian retail has again fallen, and its annual decrease has reached already 2.4 %. Tax revenues in Germany are slowed down; in Britain after a July respite again sharp jumping up of deficiency in August – so about "country-refuge" the London Office has obviously got excited.




Source: ZEW

America. The index of advancing indicators in August in the USA has grown on 0.3 %, and in Canada has not changed – but this indicator poorly concerns realities for the main positive in it brings rapid growth of monetary weight (that in it good, in in itself?) Consumer prices in Canada in August unexpectedly отросли on 0.3 % a month and 3.1 % a year – it is appreciable вспухли and the pure prices (without fuel and the foodstuffs). In August in the USA of new buildings became on 5 % less, including one-family – on 1.4 %; building licences have grown on 3.2 %, but the number of cases when permissions are not embodied in business grows; really is under construction ever less habitation (still–1.2 % as a whole and–1.7 % on one-family) – again record bottoms. Sales in the secondary market of habitation have flied up on 7.7 % - after long lawsuits about incorrectly issued mortgage banks again have begun to take away houses (here monthly growth on the same of 7 %) and to dump them. The index of the market of habitation from National association домостроителей in September has managed to fall even from ridiculous July level. The indicator of consumer comfort from Bloomberg in the middle of September has punched spring bottoms – and at once has come to be at a bottom of 2008/09 years. Mass lay-offs grow; The index of employment of Association of selection of the personnel costs at weak levels; primary references behind unemployment benefits are high; the repeated "have decreased" on 28 thousand – but the last 2 weeks have reconsidered upwards in the sum on 31 thousand the Canadian retail in July has fallen to 0.6 % face value – and if to consider inflation (officially +0.2 %, +0.5 % are real) there will be almost 1 % of falling a month.



Source: Bureau of population census of the USA

Russia. The next report of Rosstata does not please. In January-July birth rate was on 29 thousand persons more low, than one year ago – decrease is steady; death rate has fallen on 56 thousand – but half has had for July in which one year ago there was a sharp splash in death. Proficiency of foreign trade in July has appeared minimum since January. The other data for August – and they on idea should be mighty: one year ago were a heat and a smoke (let in second half of month left), the undermined many industries, agriculture and building; besides last month was for 1 working day more than one year ago. The industry increase is equal 6.2 %, processing sector – 7.1 %: with the account of the calendar factor plus will be only 2.0-2.5 % and 3.5-4.0 % accordingly. Investments have grown on 12.7 % year, building – on 12.4 % (but thus by July recession on 1.2 % with an exception of the seasonal factor is noted); agriculture – on 13.3 %: all it is clear; Recession of timber cuttings, weak input of habitation (+3.6 % instead of +19.0 % in July) and a transport turnover of goods (+1.8 % after +4.6 %) is not clear. Retail has flied up on 7.8 %, outside of meal – on 12.0 %: it is peak since the October, 2008, caused by growth of loans to the population on 28.5 % a year. Unemployment has dropped, incomes have grown up (with the account of real inflation – are not present); the prices of manufacturers have jumped up on 4.6 % a month. By our estimation, gross national product has grown on 3.0-3.5 % a year (the MAYOR has shown +5.2 %), and adjusted for the superfluous working day – on 1.0-1.5 %; as a whole for January-August the increase has made 1.5 %.

Epizootic a pork plague it has appeared more strongly the power: Minister of Agriculture Skrynnik capitulated, having suggested to overcome danger of distribution of illness to the key Belgorod region with reduction of a livestock of pigs – at the same time it is recommended to shoot wild wild boars. The head of the government continues a series of voyages – this time he has visited the Sochi forum: casually or intentionally without having learnt honourable sex spy Chapman, Putin has walked on stands of different regions and firms – where it was perfidiously attacked by the head of the Russian Railway Yakunin, with an expression Panikovsky demanded from the prime minister to give out it 40 billion roubles; it was necessary to Putin to escape with the active help ministresses of economy Nabiullina. Recently appointed head of the Department of Internal Affairs of Northern district of Moscow of general Trutnev already have dismissed – visit of minister Nurgalieva to Academy of management of the Ministry of Internal Affairs became the reason: despite thorough training, before an input in a building on asphalt the inscription "Nurgaliev – m flaunted... To"; It have erased, have detained any field investigator – but was late: the angered minister has expelled overlooked полицмейстера on pension. Election campaign shines: directly in a teleether security officer-banker Lebedev заушил businessman-builder Polonsky – paternal at the last trousers have for some reason torn, and in general it was attacked by melancholy which he has shared with the president, the prime minister and the Patriarch. Oh, also fighters with aliens who will welcome on the earth in the middle of November are silly: not to be at war with them it is necessary, and to force to enter in EdRo or ONF! – after that we will need to be reserved only popcorn and to take pleasure in a show.

Good to you of week!

Source: itinvest.ru

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