MACROECONOMICS.

The next round of the Russian-American bilateral negotiations on the joining of Russia into the World trading organization /WTO/ came to the end on Saturday in Washington (according to materials of PRIME TASS).

As the Head of the Russian delegation informed ITAR-TASS, the Head of department of trading negotiations of Ministry of Economic Development of the Russian Federation Maxim Medvedkov on Monday the dialogue will renew in a mode of a teleconference. It means that on the last round they failed to agree completely about everything.

About the contents of the taken place negotiations M.Medvedkov told that they "were positive ". Before the parties did not make comments in any way on negotiations, and on the fact of their carrying out the representative of the USA at trading negotiations in a rank of member of the cabinet Suzan Shvab informed on last Tuesday.

According to ITAR-TASS, besides representative of Ministry of Economic Development, in negotiations the Russian veterinary inspectors participated, but they went from Washington on Thursday.

Intensity of the discussion is explained by that Presidents of Russia and the USA Vladimir Putin and Georges Bush earlier set the task to finish bilateral negotiations on WTO by the end of October, 2006 This time boundary is caused by a forthcoming next meeting of Heads of the states at summit of Asian-Pacific economic co-operation, which should take place in Hanoi on November, 18-19th.

According to materials of RIA NOVOSTI, Ministry of Economic Development of the Russian Federation expects to sign up to the end of a year agreements on industrial auto-assembly in Russia with two large world concerns, the Head of Ministry of Economic Development  Herman Gref informed.

On Saturday after ceremony of a laying of the first stone of Volkswagen factory in Kaluga region Gref told to journalists that on auto assembly Ministry of Economic Development  negotiates with 10 more companies  and two of them as large as the Volkswagen. Two agreements can be signed already this year.

In May of this year Ministry of Economic Development of the Russian Federation and Volkswagen AG signed the investment agreement on realization of the project of creation of automobile production in territory of the Russian Federation. In total at a factory it is planned to produce up to 115 thousand cars a year. Investments into the project will make 270 million euroa at the first stage and 100 million euros more - at the second.

MARKET’S GENERAL ESTIMATION.

On Friday in the beginning of the tenders in the market there was observed downward correction - quotations of highly liquid papers decreased after oil prices and some world share indexes. In the middle of the day many blue chips approached levels of support near which correction downwards stopped. On separate papers movement upwards was outlined. So, for example, EESR common stock on the MICEX was up 2.1 %. Growth of EESR preference stock (EESRP, +5.5 %) was observed since the morning - messages on possible converting of preference stock into common were even before opening the tenders. Meanwhile Gazprom (GAZP) fell in price 1.8 %, Surgutneftegaz (SNGS) - 1.5 %, Lukoil (LKOH) and Tatneft (TATN) - 1.1 %, Sberbank (SBER) - 1.0 %, Rostelecom (RTKM) - 0.8 %.

From positions of the technical analysis, on Friday the level of 1620 points on RTS index was tested, but breakdown downwards did not take place - the index remains in consolidation a range. Downwards correction was observed on separate papers of the second echelon. ESPK common stock on MICEX fell 1.4 %, ESPKP preference - 1.0 %, KUBN common stock - 1.0 %. Share indexes of the USA have noticeably gone down.

Occasion to profit taking became data on economy – GDP growth in the third quarter was considerably below the forecasts. Drop in rates of GDP growth means possible delay of growth of the companies’ profits. For today the issue of the important data on inflation - PCE index (16:30) is planned. Futures for stock indexes of the USA went down on the average 0.2 %. The European share indexes were closed on the average with decrease. On the Asian indexes there is observed varied movement. Russian ADR was closed on the average below the prices of RTS closing.

GAZPROM.

Gazprom shares dipped to the bottom border of a price corridor - to a line 10,6. However it is necessary to hold positions from 10,5, breakout of the top level - prices 11,0 it is still quite probable. Protective stop is kept at a line of entrance - at 11,0.

RTS index

Gazprom on RTS