Twelve -year capital

World indices returned in 1997, world stock indices continue to travel into the past, reaching more and more many years of minimums. At the end of last week, the Dow Jones index fell to the 1997 level. On Monday, his example was followed by the Standard & Poor´s 500 index. He lost 3.37% per session and settled at 743.33 points.

Bloomberg experts noted that due to a sharp drop in US stock indices, the ratio of the cost of shares of companies included in the S&P 500 calculation (P/E) dropped to the minimum level since 1985. The money of American investors goes to government bonds. The fact is that a sharp general reduction in dividends by US companies, and in some cases, in general, the suspension of payments was deprived of the action of the latest advantages over government bonds. According to a recent study by the London Business School and the Credit Suisse banking group, promotions in the United States since 1900 were recovering inflation with an average of 6% per annum. “If we subtract dividends from there, then 1.7% per annum remains compared to the income from investment in long -term state -owned, on average at 2.1%,” the researchers say.

The main stock indices of Asia also fell yesterday, approaching the levels of five -year minimums. The Japanese Nikkei 225 index lost 1.46%per day, Hong Kong Hang Seng - 2.86%.

For European and Asian indices, the headache of recent days has become negative forecasts for companies. After Moody´s, Monday, reduced the credit ratings of the Renault and Fiat, due to the “extremely negative free cash flow” in 2008 in the fiscal year, their quotes collapsed yesterday at 8.3 and 4.5%, respectively, respectively.

However, the promise of the American authorities to add liquidity to some American banks somewhat reassured the markets. At the opening of yesterday's session (by 18.00 Moscow time), American indices have grown up between 1.5%. However, the negative prevails. In yesterday's speech in the Senate banking Committee with a half -year economic report, the head of the Federal Reserve Ben Bernanke said that the country's economy is in the stage of a strong decrease. He also warned that if the authorities could not stabilize the financial system, the recession may continue in 2010.

The Russian stock market yesterday, playing out a negative external background, only in the first minute of trading on the MICEX exchange fell by 2.7%. By the end of the session, however, domestic exchange indicators were able to level part of the day losses. The MICEX index closed at the minus by 0.37% at 629.2 points. And the RTS index according to the results of the day even added 1.44%, dwelling at 524.6 points. However, we recall that last week the RTS index fell by 18%, and MICEX - by 11%.

02.24.2009 / Elena Melnikova, the material was published in the "newspaper" No. 32 dated 02.25.2009.