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Veles Capital - Trader's daily - Aug 22, 2012.

Stocks

Market today. After a long time break Greece once again turned into the main source of alarms for the markets. After the words of Merkel on her not expecting any decisions by the results of the meeting with Greek prime minister A.Samaras and the necessity to follow the basic rules for the states of the Eurozone, and also the statement of Junker on the decision on Greece being made not earlier than October, the estimation of the Greece's risks grew on behalf of the investors, which turned into the significant drop of the quotes at the exchange grounds. Data on selling houses at the secondary market of the U.S., which turned out to be worse than expected, gave an extra stimul to the markets in the evening.

(To view the full report please click here:

http://reports.aiidatapro.com/brokers/VelesEN/td120822eng.pdf)

Market tomorrow. We assume the process of re-estimation of the Greek risks does not limit in one day and the correction probably continues. Series of macrostats from the Eurozone will also not be supporting optimism - data on PMI of the Eurozone and Germany and confidence of EU consumers will be output. FOMC protocols are the only capable of changing the course -data is to be output tonight.

Bonds

Market today. Despite the reduction of the exchange indices, cautious buying continued in the ruble bonds. Short-term and midterm loans were of demand. At that the Ministry of Finance managed to attract only a half of the scheduled volume. Yield of the loans was set at the upper border. Eurobonds had a calm day with no remarkable price variations. Russia-30 traded at the level of 124.82% of the nominal, Russia-42 corrected 30 b.p. down to 117.85% of the nominal.

Market tomorrow. The mood of the participants got worse by the end of the day due to a set of negative signals on Greece. Probably the evening output of the FED's minutes might drive attention away from that in case the QE3 launch expectations are justified. However, the Russian market probably will be true to itself and continue trading at low volumes and mainly showing flat price dynamics.

News briefly

USA - housing sale at the secondary market formed 4.47 mn, 4.51 mn was expected. (Interfax)

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For further Information please contact: VelesCapital, Russia, Moscow, 123610, Krasnopresnenskaya nab. 12, Entr. 7, floor 18

Tel.: 7 (495) 258 1988, Fax: 7 (495) 258 1989,

e-mail: research@veles-capital.ru, web: http://www.veles-capital.ru
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Publication:Russian Banks and Brokers Reports
Geographic Code:4EUGR
Date:Aug 23, 2012
Words:423
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