Analysis of world markets

The International currency fund operating director Dominik Stross-Kan has declared IMF on Wednesday that last splash in instability in USA financial sector can become threat for expected improvement of economic prospects in the world." All of us still expect gradual strengthening of the world housekeeper in 2009, but, nevertheless, last week events represent potential risk for these prospects ", - has declared Stross-Kan after a meeting with Ministers of Finance and the central banks Council heads about cooperation of Gulf States" Under IMF forecasts, the international economic growth will be slowed down approximately to 4 % in 2008. It will reflect delay in the USA, Europe and Japan, and also some deterioration in economy of the countries with emerging markets ", - he has told. In July of IMF has reconsidered the world economic forecast growth for 2008 to 4,1 % against an April estimation of 3,7 %. The forecast for 2009 also has been reconsidered with increase to 3,9 % against 3,8 %. The head of IMF has approved attempts of the world central banks to involve liquidity on the financial markets. He also has told that the re-structuring occurring on Woll-street, is necessary for restoration of financial sector efficiency." At the same time speed and scale of these events have raised uncertainty short-term prospect, therefore it is impossible to exclude the further financial intensity ", - he has noted. To a wound on Wednesday Stross-Kan has informed journalists that crash Lehman Brothers Holding Inc., acquisition Bank of America Corp. Bank Merrill Lynch and Co., and also the government plan to help for company American International Group Inc. Testify to necessity of full re-structuring of sector. He also has warned about probability of the further problems in financial sector occurrence .

USD. Growth of dollar against the basic currencies on Wednesday has stopped, as the market was captured again by uncertainty. It would bring to nothing effect from USA preservation FRS interest rate at level of 2 % and measures on rendering assistance of American insurance company American International Group Inc. In a result, in the end of day dollar has fallen to intraday minima against euro, British pound and Swiss franc. Index DJIA has fallen to 313 points, and the prices for oil have grown for 4 US dollars against uncertainty in the American financial market. And this morning it has fallen to a 17-day minimum against Swiss franc and to a 3-day minimum - against euro at the early Asian auctions on Thursday. Dollar also has appeared more poorly Japanese yen. According to analysts, after recent growth of dollar followed wait for small correction. However considering statistics - correction can be tightened. The beginning of new houses building-6,2 % to 895 000. Building licences of new houses-8,9 % to 854 000. Payments balance for II q-183,1 billion dollars from-176.4 billion dollars. Though Barclays has informed that agree to get an investitsionno-bank component of North American bank Lehman Brothers and an operations infrastructure support in the capital market, it stay cold comfort for the market. Barclays will get trading actives with a current estimated cost of 40 billion pounds ($72 billion) and trading debts with a current estimated cost 38 billion. Pounds ($68 billion)

JPY. Though the Japan government are confident that problems with Lehman don't much harm directly to the Japanese economy, but consequences will be fatal. In the country identical pressure of economic descending risks and the inflationary ascending is still saved. The wages average level in Japan has grown on 0.3 % in July in comparison with  similar period of last year. The registered growth of an indicator has appeared minimum for last 7 months that testifies to unwillingness of the companies payment increase. So also the consumer demand will be reduced also. Japanese Minister of Economics Kaoru Esano plans today declare a package of measures which is called will cope with excitements in the financial markets, generated by bankruptcy Lehman Brothers'. 

EUR. The representative of the French government Ljuk Shatel has declared that the France bank system is in a good condition. World financial crisis puts in the forefront lacks of a global financial system. The Italy Bank head Mario Dragi, has in turn declared that the global bank system has enough capital to satisfy its requirements "according to reasonable scenarios" and to interfere with that the system fell below regulating thresholds. In bank sphere crisis still proceeds, but the help with liquidity will promote successful passage of a financial instability current phase. However all these encouraging statements have grown dull after comments of the Eurozone Finance Minister chairman Junker. He has declared that “considering specificity of a monetary and Eurozone credit policy, monetary injections will be not so are effective, as in the USA”. Besides, despite decreasing risks, inflation in the Eurozone remains high. Base growth of inflation, without the prices for fuel and a foodstuff has grown to 2,6 % y/y in August with 2.5 %y/y month earlier while growth of the general inflation has fallen to 3.8 %, from 4.0 % in July. But this all signals for the future correction for now crisis in the USA allows to become stronger euro to other currencies. 

GBP. ATTENTION, traders pound strengthening UNDOUBTEDLY TIME as in England with economy all badly also continues to worsen. Industrial orders in September-26. Previous indicator-13. Look-ahead value-14. The Rate of unemployment in August has made 5.5 %, at the analysts forecast 5.4 %. Demands for unemployment benefits in August have made 32.5 thousand at the analysts forecast 22.2 thousand, and the previous value of 20.1 thousand« Taking into consideration a present condition in the market, England  Bank declares prolongation of the special plan period validity on liquidity for banks granting purpose of an extra time for their participation planning », - is told in the England Bank statement. The Prime minister of Great Britain Gordon Brown has declared that the government will continue to strengthen system of investors protection. From its part it will make all necessary for economy support and a financial system integrity. Now measures on increase in the sums of the insured deposits from level of 35 thousand pounds to 50 thousand pounds are considered. 

CHF. The Switzerland National Bank Vice-president Phillip Hildebrand has declared that the Swiss banks should increase the capitalisation for the best world financial cresis opposition. Recent examples have shown that the Central Banks play the important role in simplification of some current credit crisis negative effects. Commercial banks should improve own levels of the brave capital as the financial sector occupies Switzerland economy important part. Earlier legislators have rejected the offered number of measures on increase in a bank regulator powers as it could worsen competitiveness of local banks. Despite importance of this point in question for Switzerland banks it is necessary to notice that the theme so sharply discussed practically is not connected with current crisis. I think many heads of the Central Banks this week about myself have thought having read this news - for us their problems. Reasons for falling of franc are not present.