Morning overview of the financial markets

America:

• Slightly increased the mood of investors reported that the building company Pulte Homes intends to buy its rival Centex Corp for $ 1.3 billion.
• At the same time the Fed lowered U.S. economic growth forecast for 2009 and 2010, reflecting from the published minutes of the meeting yesterday the Committee on open market
• In general, the market dynamics in the mixed background of quarterly reports and in anticipation of Easter.
• Today is the day expected low activity, but on Friday the markets are already closed.

DJIA: +0,61%
S & P500: +1,18%
NASDAQ: +1,86%

Pre-Market: +1,0%

Europe:
• (Euronews) Central Bank of Iceland's once again lowered the discount rate - the second time in the last month: the base rate down from 17 to 15.5 percent. Island nation, whose economy is now controlled by the International Monetary Fund, is experiencing a major recession in half a century and a sharp drop in consumer prices. According to IMF estimates, the collapse of Icelandic GDP was in this year's 10.5 percent.
• Arcelor-Mittal - the world's largest steel company, reduces the production of the metal in Europe by 50 percent to lower manufacturing costs. Production of metal that the corporation has dropped, according to the union, from 40 million to 18 million tons a year. Will be temporarily stopped by the factories in Liège, Belgium and French Floranzhe, where more than a third of employees would be forced to leave at least until September.

DAX: +0,82%
FTSE: -0,13%

Developing markets:
• The Russian market has allocated for the better in the second day podrd.

BRIC: +0,27%
MSCI EM: -0,92%
MSCI EM Eastern Europe: +3,80%
MSCI EM Latin America: +1,66%

iShares MSCI Emerging Markets Index (EEM): +1,48%
Templeton Russia and East European Fund Inc. (TRF): +7,29%
Market Vectors Russia SBI (RSX): +4,58%

Asian markets:
• Japan has suddenly increased the index of industrial orders. As growth stocks went manufacturers of heavy construction equipment (despite the fact that they fell yesterday on expectations of stronger market demand). Shares of world's largest manufacturer of Komatsu excavator rose today by more than 12%.
• China has published statistics that investment in fixed assets rose to 26.5% in the first two months of 2009.
• South Korea has kept interest rates at 2%, after received positive statistics on industrial production, emerged to five maximum.

The values of the indices at the time of the review:
Nikkei-225 (Japan): +3,74%
SSE Composite Index (China): +0,48% ( SSE100: +0,38%)
BSE SENSEX (India): --

ADR:
ADRs shows an increase of 5%. Better market VimpelCom and Mechel, with the growth of +10%.

Oil:
• The second source of statistics on energoaktivam - State Office of Energy Information (EIA) reported on Wednesday that the oil reserves in the United States rose for the week to 1.7 million barrels, which was below expectations of 1.9 million barrels. Stocks of distillates fell sharply.

NYMEX Crude Oil: 49,38 $ / BBL (+0,47%)

This morning, futures for oil: +2.0%.

FOREX and the foreign exchange market:
• (Reuters) - The course at the Asian auctions the dollar on Thursday has grown to yen and retained the position of the euro, as market volatility continues, and investors are uncertain about where to invest money in anticipation of the long Easter weekend.
• (Reuters) - the ruble to the dollar and the euro fell on Wednesday after falling oil prices and rising U.S. currency in the global forex market, far from the level of the Central Bank of Russia quotes demand by about 25 cents.

Liquidity:
• balances on correspondent accounts of commercial banks fell again.
• The stakes are nothing less than overnight MBC.

MosPrime Rate 8,75% (-0,33 Fri.)

News:
• clarified the reasons for optimism in the past generation. Because of falling demand for electricity utilities in the state 2009-2011 biennium. save 300 billion rubles. Government to allow them to cut investprogrammy at 14.3%. (Official)
• In general, the mixed news background is the negative connotations.

Economic calendar:
• 12:30 UK - Trade balance
• 12:30 UK - Producer Price Index (PPI)
• 15:00 UK - Decision on the interest rate the Bank of England
• 16:30 United States - Number of applications for unemployment benefits
• 16:30 U.S. - Trade balance
• 16:30 United States - Prices of imports / exports

Market:
• The reason for yesterday's growth is not obvious that the market is making unnecessary tension.

Technically:
• Market Breaks the level of resistance of 850 points on the MICEX index.
• If today he will be able to hold at levels above 850, it will be a confirming signal about the market in the new price line items 850-950.
• New objective, and resistance level: 950 points.
• Levels of support: 850, 750-700, 650 points.

Astrosigny:
• Today is full moon, which makes a factor of irrationality in the behavior of market participants.

Expectation:
• positive signals in the morning.
• The opening is expected to increase.
• Dynamics in the second half of the trading is not obvious, because growth does not support the significant news, and fundamental factors.

Recommendations:
• Deytreyderam: Outside of the market. We are waiting for confirmation of entry into a new market price tier.
• Medium-Term: Hold the position papers in the first tier, with a view to the MICEX index for 1200-1400.
• The investment purposes: Retain previously formed portfolios. Build positions in securities of commodity companies, in generation.