The rapid quotations growth that took place during the trades in the Russian stocks on Friday, September 19, didn’t have any continuation on Monday, September, 22 – according to the results of the trading session, the indices added 0,6-1%. The trades’ volume has exceeded hardly the Friday indices, when the stock exchanges have been trading within half of the day. The market participants expect the entry of the budgetary facilities to the market, as well as the recovery of the affected companies and banks’ solvency.

JSC TransContainer’s IPO planned for 2008-end should have become the acid-test ratio of the investors’ interest in the subsidiaries of Russia’s Russian Railways JSC (RZD). However, the dire condition of the stock market has made the company to put off the placement to 2011. The IPO of another RZD’s subsidiary – RefService – is put off as well. The experts are puzzled concerning the duration of the pause, since, in their opinion, the market will recover earlier. So, at the moment, RZD has to look for other ways of facilities attraction

n September, 22, the senior negotiator with the World Trade Organization (WTO), the director for trade talks department of Russia’s Ministry of Economic Development and Trade (MEDT) Maxim Medvedkov and the head of the information bureau on Russia’s entry to the WTO Aleksey Portansky held the press conference devoted to the talks with the WTO. They have underlined that Russia has never lost contacts with the WTO, even after the August threats made by the US administration. Moreover, Mr. Medvedkov reported that his informal meetings with the members of the Working Group that were held in Geneva previous week on Russia’s entry to the WTO had a great success.

The deal of Russia’s Severstal JSC on the purchase of the US coal company PBS Coals Corporation for $1,3 billion is in its final stage. It is the fourth asset already purchased by the Russian metallurgical company in the USA this year. In April, the separate Severstal International division was established to manage Severstal’s foreign steel making assets. Its head, Gregory Mason, said that the company had occupied already the 4th place at the steel market of the USA, and it wasn’t interested in China’s assets, but studied deals in Europe, India and the CIS.

The financial crisis didn’t frighten the investors, since within two days of the VII International Investment Forum Sochi-2008, Russia’s regions managed to attract €14,4 billion. However, there are no any grounds to think that all problems are settled.

The world financial crisis resulted in the first sale at Russia’s pooled investment market. The owners of AntantaPioglobal Group that had sustained losses on the equity investments in small issuers sold its asset management business. The former CEO of Aton Investment Company Ivan Tyryshkin is the buyer of Russia’s eldest managing company Pioglobal Asset Management. He intends to establish the new financial holding under Pioglobal brand.

The foreign investors come back to Russia’s stock market. Within the last week, September, 11-17, the facilities inflow to the investment funds exceeded $76 million. The measures on the stabilization of the situation at the financial market undertaken by the state encouraged this process. However, the market participants consider that the facilities belong to the stock speculators mainly, and they can be funneled out of Russia at any moment.

Oleg Deripaska’s first large foreign developer project will become the most scale among the other foreign construction projects of Russia’s market players. As it came out, the businessman and his partners take part in the construction of the resort with yacht berths in southern Montenegro. The area covers 2 million sq.m, and investments attain €8,3 billion. The sum is enormous on the background of the world liquidity crisis.

In August, the price growth decelerated and even stopped in the majority of the world countries. However, in Russia, the inflation is escalating – it reached 0,3% within the half of September, according to the calculations of Rosstat (Federal State Statistics Service). Moreover, since the beginning of the year, the inflation attained 10%.

As for the other countries, on the contrary, the inflationary pressure is falling. Within the August, the prices of the USA fell by 0,1%, and the annual index (growth for 12 months) went to 5,4% down. In August, the prices of both Euro area and the overall European Union fell by 0,1%. It is the first price drop within the four months in the Eurozone. In August, the prices in Germany fell by 0,4%, in Greece – by 1,1%, in Slovenia – by 0,7%, in Spain and Poland – by 0,2%. The prices remained unchanged in Ireland and France.

In China, the prices are falling already within four successive months: in August, the annual index fell to 4,9% (the peak was in February – 8,7%), since it was backed by the severe restriction of consumer spending. Now, the government can increase the prices for the state-funded energy resources. According to the calculations of Morgan Stanley, in 2007, China’s budget allocated $27 billion for this funding.

The large international institute has assessed the urgent measures undertaken by Russia’s authorities to back the country’s financial system. Standard & Poor’s Rating Agency has downgraded the forecast of Russia’s credit ratings because of “the escalating uncertainty concerning the economic policy” on the fight against the liquidity crisis.