Market: attack "Spanish"

The Russian stock market will fever again. The RTS index for two incomplete exchange days of this week collapsed by more than 5% - such a sharp fall has not been since September last year. Experts believe that the main tests for the domestic stock market have already begun ahead of the week at international exchange platforms under the sign of total negativity. The German DAX index lost almost 4%, the leading index of the British Stock Exchange FTSE100 decreased by 2.5%, the index of the fifty largest public Eurozone companies (Stoxx 50) - by 3%. Bidding in America was also marked by a decrease: the Dow Jones index fell 1.7%, Standard & Poor's 500 - by 1.6%, NASDAQ decreased by 2%. Asian exchanges are also in the red. Tokyo Nikkei and Japanese Topix lost about 2%, Hong Kong Hang Seng - 3%.

Russian indices, according to the unkind tradition, fall stronger than others: MICEX - by 4%, RTS - by 5%. Additional “acceleration” gives them cheaper oil, which in 2 days has fallen in price by another 3.5%. The price of Brent oil is now $ 103 per barrel, WTI (Russian oil) - $ 88 per barrel.

In the leaders of the fall in the Russian stock market, banks became: Sberbuilding lost about 4%, VTB - almost 5% (the fact that the other day Fitch reduced the stability rating of this bank played its negative role). Energy companies are also actively cheaper. "Holding IDSK" and "RusHydro" fell by more than 4%. From the sales sales volumes on the Russian exchange were three times higher than the average monthly.

On Tuesday, July 24, the fall of Russian indexes slowed down a little, but by the end of the day the auction still closed in the minus.

The catalyst for such a sharp fall in the markets once again became bad news from Europe. “The market was picked up by the attack of the Spanish,” explained The New Times

Analyst of TKB Capital Sergey Karykhalin. According to him, the quotes of shares everywhere rolled down after information appeared that 6 Spanish provinces can immediately seek financial assistance to the central government. Despite the fact that the authorities do not have “extra” money: the country's GDP decreased by 0.4% in the second quarter compared to the first quarter and 1% in annual terms, evidence of the Bank of Spain. Against this background, the profitability of the Spanish 10-year bonds reached a historical maximum-7.56%. “Spain literally blazes in a debt fire and in painful attempts to cut all expenses that have not yet been cut. The country's GDP falls the third quarter in a row, and there is no way out, ” -

Approves Alexey Polyakov, an expert of BCS. However, a stream of bad news is not limited to one Spain. The markets are also afraid that Greece will not be able to fulfill its obligations to creditors. The German press writes that Greece will not receive new trenches of assistance, almost as about the case. Again, the question is about the country's exit from the eurozone. Representatives of the three international creditors of Greece - the European Commission, the ECB and the IMF - today, July 24, arrived in Athens in order to once again evaluate the economic situation in the country. The allocation of the next tranche of € 31.5 billion from the credit line approved by € 130 billion approved by € 130 billion approved on its recommendations depends on her recommendations. “If Greece does not satisfy all the conditions put forward by the three, then there will be no more payments,” the Vice Chancellor FRG Philip Reslela said in an interview with ARD Chancellor. He expressed doubt that Greece would fulfill its obligations to creditors, and noticed that no one was terrified from the prospect of its possible exit from the Eurozone. And beyond its borders, Greece will inevitably announce its insolvency. The default of any borrower, whether it is a country, a bank or region of an individual country, can cause a new round of financial crisis, Sergey Karykhalin notes.

Greek problems are already affecting the prospects of other European countries. It is no coincidence that Moody's International rating agency on July 23 put on a review of the credit ratings of Germany, the Netherlands and Luxembourg - the most reliable from the financial point of view of the EU members.

The last hope of investors - for a new round of monetary emissions from the US Federal Reserve. “The head of the US Federal Reserve in his speech before Congress and the Senate last week did not say anything new, actually relying the likelihood of casting liquidity until September. Accordingly, before the fall, probably a full -fledged attack of panic in the market will follow, ”predicts Alexander Golovtsov, head of the analytical department of Uralsib UK.

However, Russian investors have enough their own reasons for pessimism. Moody's rating agency updated its forecast for Russian banks. His analysts believe that in the event of a negative development of events in financial markets, a year later, Russian banks may face the problem of capital deficit. At the same time, the ruble will become cheaper by 30%, and the country's GDP will be reduced by 5%.

“Investors are anxious in their souls,” states

Andrei Vernikov, Deputy General Director of Cerich Capital Management, - I do not have a sedative for them. Ahead of August, with whom everyone who works on the market has negative memories with time immemorial. ”