market conditions

September turned out to be quite successful for risky investors. Positive results in the last month of the third quarter were achieved solely due to the decision of the US Federal Reserve to launch the third quantitative easing program (QE3) on September 13. According to it, in order to combat unemployment, a specially created institution will buy $40 billion worth of mortgage securities from the market every month. However, the timing of the program is not specified, which gives brokers an additional incentive for speculative purchases. As a result, the key indicator of the American economy - the Dow Jones index - grew by 2.64% over the month.

Europe reacted no less optimistically to the Fed's decision. The positive outlook at the end of the month was somewhat offset by events around Spain. Last week, another package of anti-crisis measures was approved, providing for government savings of more than 50 billion euros. The Spaniards reacted to this step with mass protests, since the measures taken reduce social programs and increase the tax burden. Similar unrest may begin in France, where a draft state budget was approved on September 28, providing for cost cuts. At the end of the month, the key French CAC 40 index fell by 1.7%, while the German DAX 30 rose by 3.51% and the British FTSE 100 by 0.53%.

Since the Fed's decision was announced, the local stock market has almost completely lost more than 10 percent growth. The course of trading in shares of Ukrainian companies continued to be under pressure from low liquidity. In September, the UX index rose by 1.33% to 1007.86 points. Market growth was restrained by only two blue chips: Raiffeisen Bank Aval (-7.9%) and Ukrnafta (-7.7%). The shareholders of Ukrsotsbank (+8%), Donbasenergo (+7%), Enakievo Iron and Steel Works (+6.4%), Alchevsk Iron and Steel Works (+4.3%) and Centrenergo (+3.24%) managed to earn the most ). Somewhat modest results were shown by shares of Avdeevsky Coke Plant (+2.45%), Motor Sich (+1.77%) and Azvostal (+1.05%).

The fourth quarter may begin with increased volatility. In early October, investors will pay attention not only to European news, but also to American events. Traditionally, labor market data will be announced in the US on Wednesday and Friday, which will attract increased attention from traders. In a week, market sentiment will be shaped by the quarterly earnings season, which begins on October 9 with Alcoa's traditional results. “Judging by the state of the leading economies, companies are unlikely to be pleased with their results. At the beginning of the month, this factor may put some negative pressure on quotes,” says Alor Group analyst Natalya Lesina. Nikolay Maksimchuk

September ended in positive territory