10:53US Fed retains benchmark Federal Funds rate at 2.0% The event of the day
At its regular session, the Federal Open Market Committee left the Federal Funds rate unchanged at 2.0%. Investor attention was focused on the wording of official commentaries as the committee's decision was already expected on the market. Committee members' expectations of a slowdown in inflation before the end of the year, and next, year have not changed, but they also point to the continuing inflationary pressure on markets amid the growing costs of resources. The statement makes it possible to conclude that the Federal Reserve is unlikely to raise its basic rate any time soon, at least at its next meeting. We believe this news will trigger a positive reaction from investors in the short-term. However, the wait-and-see position adopted by the Fed will hardly contribute to the solution of fundamental problems in the US economy.
10:50Acron releases FY 2007 IFRS report
Acron's FY 2007 financial report audited to IFRS showed a considerable upturn in the company's financial results due to favorable conditions on the mineral fertilizer market, expansion of production capacities and proper control over expenses. However, Acron's IFRS results do not differ much from the company's consolidated financial report under RAS released in late March, and we therefore consider the event as moderately positive. The holding's forthcoming SPO, scheduled for July, is likely to be a more considerable upside driver for Acron stock valuations in the near future.
10:30Gaz group publishes neutral FY 2007 financials
The GAZ group has published consolidated FY 2007 financials which generally met market expectations and should not have any tangible effect on the company's stock valuations in the near term. The company reported robust business growth, which was expected, and managed to maintain its profit margins at 2006 levels, despite a steep rise in the price of resources in 2H 2007.
GAZ Common shares:
Price: $10,50 Preferred shares:
Price: $13,00
10:26MTS successfully places ruble loan bond issue
The liquidity crisis has not been a stumbling block for MTS phone company in seeking out necessary finance, judging by the successful placement of its ruble loan bond issue. We believe the results of the placement indicate the company's high potential as an investment vehicle.
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