Negative data on the industrial production in China, posted Sunday, led to a serious dip of Shanghai index this morning. Reduction if the exchange markets today might be continued with respect to the Chinese stats and the progressing preparations for the Fed session. Resulting from exit from Market Vectors Russia (which is a benchmark for the RSX – biggest ETF index directed to Russia), the following might be under pressure on Monday: notes of FSK, Russian Grids, TMK, Pharmstandard, O’KEY, Mechel, Mosenergo, Raspadskaya.
Main events
Project funding agreement on Yamal LNG to be reached not later than in 4 months.
Having sold 9.9% of Yamal LNG’ stock to Silk Road Fund, attracting funding from China turn into a matter of time only. Benefitting from participation of the Chinese party, all the financial needs of Yamal LNG are to be settled, meaning the risk of delays in project are now close to zero making the stock of NOVATEK more appealing for investing in. However, we assume that the news has been pretty much won back by the market already.
Contributed by Veles Capital
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