Analysis of world markets

 Political uncertainty because of an introduction delay in actions of "the saving 700-milliard plan» on hopeless debts buying up at the American companies experiencing difficulties, holds the markets in a condition high volatility.

 USD. Though investors, undoubtedly, watched performance of Bernanke and analyzed next weak data on sales in the USA secondary habitation market, prices for oil were the basic motive power for dollar. When the prices for oil have fallen to an intraday minimum about 105 dollars for barrel, dollar has grown to an intraday maximum and when oil prices have grown to an intraday maximum about 109 dollars for barrel, dollar has fallen to an intraday minimum. Ben Bernanke on Wednesday has called legislators for fast actions in relation to "serious threats" which the USA financial system faces. He also has warned that inactivity can lead to stronger economic recession. Bernanke has drawn gloomy prospects of economy events succession in case measures on financial system support will not be taken." In second half of 2008 gross domastic product, possibly, will grow with a speed, it is considerable below potential, and then it will be gradually accelerated, as the financial markets will come back to more normal functioning, and recession in the habitation market will come to an end ", - has declared Bernanke. Nevertheless, according to Bernanke, bearish risks for economic prospects still call considerable concern. He has explained that consumer expenses in short-term prospect at the best will be languid while other sources of economic growth, such as export, possibly, also will give in. Bernanke also has warned that investment expenses and investments into the commercial real estate will be reduced. Yesterday it became known that sales in the secondary market of USA habitation have fallen in August to 2,2 %, and the most considerable falling of the prices for all supervision history has been fixed. Stocks were sharply reduced too. Last week FRS has left the key interest rate at level of 2 %, despite crisis strengthening in the financial markets. On Wednesday Bernanke has promised to operate how it it will be necessary to provide economic growth and a stable rate of inflation. Nevertheless, any obvious changes in its position concerning a monetary and credit policy it was not looked through. In comments of Bernanke did not contain any instructions on it that FRS heads intend to lower interest rates in the near future. Instead he, apparently, has made responsible for acceleration of the USA Congress economic growth in Presidential Administration. We do not doubt that after acceptance by the congress of the plan situation in the market will improve also dollar will start to become stronger to the currencies majority. While surplus of dollar liquidity multiplied by uncertainty calls chaos in the market of currencies.

 JPY. An index of large companies activity in a manufacturing industry for 3 quarter-10,0, previous value-15,1, forecast-17,0. Given segment plays an appreciable role in formation of gross domestic product of the country. Despite obvious weakness of the Japanese economy speech about recession precisely does not go, as for example in England. It has confirmed and it is new Finance Minister appointed . Japan Ministry of Finance Nakagava: In case of need Japan government will take additional measures to help weakening economy. Comments of Nakagavy testifies that it is inclined decrease in taxes or increase in expenses to prevent strengthening of recession in Japan economy. Considering active participation Japan bank in USA economy rescue confidence of the Japanese Yen at traders will obviously grow.

 EUR. Two-day growth of dollar against euro has ended before the USA government report which by estimations of economists will show new falling in the habitation market, and as against transactions of traders about decrease in FRS rates next month. Additional instability on euro have added yesterday's statistical datas from EU. Germany business confidence falls the fourth month successively to the least value since May, has declared institute IFO. French business confidence has fallen in September to a minimum level since August 2003, has declared French bureau of statistics. Both French, and German business confidence fall more strongly, than it was expected, proceeding from an euro current rate. On the other hand payments balance in July has grown and has made-1.7 billion euro, at the growth forecast to-6.2 billion euro, and the previous value of-8.2 billion euro

 GBP. Retails volume in Great Britain in September has appeared better forecasts, but remained low as the credit crisis, growing inflation and weak consumer trust have continued to make constraining impact on economic activity. In September the index of retails has grown to level-27 points, thus in August this indicator has decreased to the minimum value for last 25 years, to level-46 points. Expectations sales balance growth in October is at level-30 points. Especially active decrease is registered in sectors of goods sales house using, and the least decrease in sector of sales of a foodstuff. Despite obvious attempts as much as possible to cut down family expenses crisis peak in England it is not passed yet and it is obvious not last falling of retails. Against weak statistics active England Bank actions on support of financial sector, within the limits of the international program are positively perceived by the market. Traders with pleasure use pound in the operations. That as having obtained in the USA credit under 2 % it it is possible to enclose in English papers under 5 %. England Bank has reduced yesterday volume of the money resources addressing in the market, by placing of bonds in volume of 10 billion pounds in the open market. Total volume of operations overnight repo has made today 34.5 billion pounds, under the rate of 5.0 %, 29 % of demands from the market participants have been thus satisfied. Thus it has continued injections of a dollar cash on the market. On Wednesday it has been placed 40 billion dollars in frameworks overnight repo. All it together does not allow to dollar fall considerably and can already become the precondition for falling of a pound course next week when the situation with dollar will clear up.

 AUD. Australian dollar has a little grown because of global economic prospects thanks to demand for national natural resources. In the conditions of world instability demand for currencies similar to the Australian will grow. Minister of Finance Svon has declared that Australia will not take part in the plan of the USA bank rescue sector. Svon has told that between monetary US authorities and Australia strong dialogue is supported, but «internal policy in the USA is a business of the government ».

 CHF. Trust costumers index in Switzerland has grown to level-14.4 points in September, at the decrease forecast to mark-16.7 points, and previous value-16.5 points. Switzerland Central Bank has placed at currency auction overnight 10 billion Volume of demands from outside large Swiss and European banks has made 13.8 billion dollars. Minimum rate has made 2.27 %, thus the average level has made 2.51 %. Besides the positive statistics the franc favourably differs smaller risks in comparison to dollar and euro. In the long term it will lead to its strengthening.