On a background of expectations of TICS data the American shares opened with small growth.

Let's remind that the volume of purchases was below forecasts, however the previous value has been revised upwardly to 90.5 billion dollars. The indicator, according to the economists’ forecasts, who assumed from 70.0 billion dollars up to 100.0 billion dollars, made 69.8 billion dollars.

Another important parameter was also weaker than the expectations. The publication of NY Empire State Index in the USA for May made 12.4 at the forecast 17.0, and the previous value 15.8.

Though all yesterday's data in the USA were unfavorable, however investors’ expectations of fast end of process of the rate increase strengthened as became an additional signal in favor of purchases.

Besides key share indexes are supported by a proceeding drop in oil quotations. So, at the tenders on Monday oil fell in price at once on 2 %. We shall remind that at the tenders on Monday June futures for oil Light Sweet were down $1.64 (2 %) to $70.40.

The reason of this decrease was Friday publication of IEA report, according to which in 2006 15% reduction in oil demand is expected because of the record oil prices.

And the gold prices after testing the next 25-years tops at 730 dollars for troy ounce on Friday, on Monday realized 7 % correction with decrease in area of 678.80.

Thus now the metal tries to fix at a mark of 680 dollars for ounce.

It is remarkable that technical analysts from BNP Paribas notice that closing of day near 689 dollars for ounce or even below in medium-term prospect would assume development of the descending tendency with achievement of area of values 662 - 640 dollars for ounce during 2 - 3 weeks.

Moreover, falling under a level of 636 dollars for ounce would generate long-term top, assuming decrease to 609 or even 550.00.

Unlike American, the European stock indexes show smaller stability and decrease on fears of global inflation.

And Dow-Jones index of New York stock exchange was up 47.78 points and was closed at a level 11428.77. NASDAQ index fell 5.27 points and is at a level 2238.52. S&P 500 index was up 3.26 points and is at a level 1294.50.

And 30-year US Treasury notes’ yield dipped 0.033 in comparison with the previous closing and makes 5.265.

As a result we recommend to wait for continuation of descending movement of key indexes. The following purpose of correction of indexes will be a level 11270 - for Dow-Jones index, and 1275 – for S&P 500 index.

Let's remind again that purchases of futures for the stated indexes will be possible only after the end of correction.