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Shen Shanghai Gold Exchange. 10 , 43% 5 000 . , Shanghai Gold Exchange 19 000 ( 16 400 ). , , Shanghai Gold Exchange. Credit Suisse, HSBC, Standard Chartered, Bank of Nova Scotia and ANZ.

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LONDON, Dec 2 (Reuters) Share trading inside banks must be regulated directly and all derivatives that can be cleared should be traded on an electronic platform, draft European Union plans showed on Thursday.
The EU's executive European Commission is due next week to publish its plans for sweeping reforms of the bloc's markets in financial instruments directive (MiFID) which forms a cornerstone of the single capital market.
The consultation paper obtained by Reuters showed the EU's executive wants to crack down on trading inside banks which exchanges say reduces market transparency.
The Commission services consider it appropriate to define and create a new sub-regime for crossing systems within the family of organised trading facilities, the document said.
It also says that derivatives contracts traded on the vast off-exchange market should be transacted on an electronic platform of some sort if they can be centrally cleared.
The consultation also proposes a new regime within MiFID to regulate the use of computer of high-frequency trading, which refers to ultra fast execution of trades which has raised concerns among regulators

S&P : ""

Dec. 2 (Bloomberg) Standard & Poors said replacing ECB President Jean-Claude Trichet with someone dedicated primarily if not solely to controlling inflation could mean the central bank implements an exit strategy as early as the third quarter of next year. It commented in a report today in London

Goldman Sachs S&P 500 23% 2011

Dec 2 (Reuters) Goldman Sachs forecast the S&P 500 index will rise 23 percent to 1,450 by 2011 year-end, spurred by positive earnings growth and declining cost of equity amid a steadily-rising U.S. economy.
In its portfolio strategy research report, Goldman sees earnings per share of the S&P 500 companies' rising 12 percent to $94 next year, with financials, technology and energy sectors generating 50 percent of it. The brokerage shifted its sector recommendations to a more pro-cyclical stance, after its economists estimated U.S. GDP growth will accelerate steadily to 4 percent from 2.5 percent over the next eight quarters.
It raised its recommendations on the U.S. energy and financials sectors to overweight from neutral, and consumer discretionary sector to neutral from underweight.
Goldman estimates roughly $750 billion of potential net inflows into U.S. equity market in 2011, from individuals, institutional investors, and companies.
We believe investors will move up the risk curve into equities given low yields and increasing evidence of a firming economy, the brokerage wrote in a note dated Dec. 1.
Increased capital spending on share buybacks and merger and acquisitions (M&A) activity would have a direct, positive impact on the U.S. equity market, the brokerage said.
It expects cash merger and acquisition activity to increase 15 percent and buybacks to rise 25 percent in 2011, resulting in a combined $500 billion flow into the U.S. equity market.
The brokerage lowered its ratings on the telecom services sector to neutral, and consumer staples to underweight, from overweight.
It downgraded utilities by a notch to underweight.


BRUSSELS, Dec 2 (Reuters) The European Union is not planning to call a special summit to discuss the euro zone debt crisis, EU sources said on Thursday. A Spanish government source said EU leaders were talking about calling a meeting and looking at schedules but a decision on whether to go ahead would depend on the outcome of Thursday's European Central Bank meeting.
But a source close to Herman Van Rompuy, the president of the EU Council which groups member states, said: "There is no Eurogroup or EU summit to tackle the crisis being organised We deny this possibility."

, Song Zhe

BRUSSELS, Dec 2 (Reuters) China is concerned by what it sees as growing European protectionism and trade tariffs, the Chinese ambassador to the European Union said on Thursday. Ambassador Song Zhe also told the trade committee of the European Parliament that China believed it was not objective and unfair to blame global economic imbalances on the value of the Chinese currency

PEPSI -- $5 , WSJ : 30%

, 2 () PepsiCo -- $5,4 , PepsiCo.
PepsiCo 66 , $3,8 , , .
$33 , 32 -- 30 .
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PepsiCo is set to acquire Russian dairy products and fruit-juice maker OAO Wimm-Bill-Dann for at least $5 billion, according to people familiar with the matter, in one of the biggest foreign investments in Russia outside the energy sector.The deal is expected to be announced later on Thursday.The Wimm-Bill-Dann, whose shares are traded in Moscow and as American depositary receipts on the New York Stock Exchange, dominates Russia's dairy market along with Unimilk, controlled by Danone SA. The company, which is also number three in juice and number one in baby food, has long been seen as an acquisition target.The price Pepsi is paying would mark a significant premium on the Russian group's current share price.The deal is a sign that investors are responding to recent efforts by the Kremlin to roll out the welcome mat. It marks PepsiCo's second big foray into the Russian market, after a $1.4 billion deal in 2008 to buy control of juice producer Lebedyansky. Coca-Cola Co. made a similar deal in 2005 when it bought Multon Co., a Russian juice maker.The deal will be one of the most prominent examples of one of today's major themes in mergers and acquisitions: large companies in slow-growth Western markets looking to acquire faster-growing operations in emerging markets. Earlier this year, beer maker Heineken NV agreed to buy Mexico's Femsa Cerveza for about $7 billion.But such deals come at a price; French food giant Groupe Danone SA sold its 18% stake in Wimm-Bill-Dann in June for a price that valued the company at a $2.5 billion. Brokers were estimating a maximum valuation of $4 billion in any purchase of Wimm-Bill-Dann as recently as October.

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MADRID, Dec 2 (Reuters) European Union leaders could hold a summit in the near future to show unity in the face of intense market pressure on the euro zone, a Spanish government source said on Thursday.
EU leaders are talking about a meeting and looking at schedules, but a decision on whether to go ahead rests on the outcome of Thursday's European Central Bank (ECB) meeting, the source told Reuters.
"If the signal from the ECB was insufficient, the need for a meeting of leaders rises. The outcome of the ECB meeting can change things," the source said.
There were differing views among European countries on whether a summit was needed, he added.

LONDON, Dec 2 (IFR) Option barriers are reportedly attached to the 1.2950, 1.2900 and 1.2850 levels, inclusive of a 1.2950 One Touch option which is slated to roll off tomorrow (Friday, post-US employment report). 1.2969 was Tuesday's low. 1.2970 was yesterday's low (plumbed in Asia). Today's key event risk is the ECB meeting

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11:57 02Dec10 RTRS-Germany sees no return to national currencies in EU
BERLIN, Dec 2 (Reuters) Germany Economy Minister Rainer Bruederle said on Thursday he did not believe in speculation of a return to national currencies within the euro area, saying this option was not realistic.
He also said giving up the euro would weaken the European economy

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11:43 02Dec10 RTRS-Bruederle-Portugal,Spain may not need rescue fund
BERLIN, Dec 2 (Reuters) German Economy Minister Rainer Bruederle said on Thursday he thought there was a good chance that Portugal and Spain would manage without tapping the euro rescue mechanism.
He also said he believes the current levels of the euro rescue fund are sufficient. He said in a best-case scenario Ireland won't need a single cent from Germany

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LONDON, Dec 2 (IFR) The big debate is over the outlook for the ECB's bond
purchase programme and whether it should be expanded into a more explicit
quantitative easing strategy. At the very least there are expectations that
the ECB will look to step up its sterilized bond purchases as more Eurozone
sovereign debt markets show signs of illiquidity. Until there is a credible
political solution on the table the ECB is likely to continue to focus on
being a provider of liquidity (small scale sterilized interventions) and
continue to fear venturing into directly supporting solvency (large scale
unsterilised asset purchases or QE).

Over a century ago Walter Bagehot provided us with some simple rules as to
the lender of last resort role and the conditions under which policy makers
should provide liquidity. Bagehot's dictum says that central banks should
lend freely under three conditions solvent borrowers, good collateral and
higher interest rates. There is always a fine line between lending to
solvent borrowers and insolvent borrowers especially when markets become
illiquid and threaten to push borrowers from the former camp (solvent) to
the latter camp (insolvent).

Why is all of this important? Because the key question that the ECB has to
decide is whether the markets are mis-pricing risk and thus taking
peripheral bond yields into a region which calls into question the
sustainability of fiscal debts. Trichet's comments yesterday suggest that
there is a feeling that markets are dysfunctional and over pricing the
risks on some Eurozone debt. This sentiment has been further cemented by
EFSF's Regling who is reported as saying that it was hard to justify recent
Europe bond and CDS spreads adding that market pricing is excessively
high spreads on some European debt. Thus the conditions are there for the
ECB to step up its support to Eurozone bond markets in the context of a
dysfunctional market.

Indeed there have been signs over the last 24/48-hours of the ECB having
already stepped up its purchases on Portugal and Ireland. However, as we
can see from 1) the widening in bid/offer spreads on Portugal and Ireland
this strategy is proving only modestly effective and while the 5-year
spreads have come in (modestly) the 10-year spreads remain at their wides
with 10-year Ireland trading wider than the May wides 2) while the buying
is helping Ireland and Portugal the pressure has simply shifted to other
Eurozone countries with Spain and Belgium being two markets to stand out
and Belgium in particular has seen its 10-year bid/offer spread also wider
than in May. What the above shows is that the ECB's actions are only
partially keeping a lid on spreads as there are literally too many fires to
put out.

What financial markets are doing is to rationally price in the risks
related to the collective action clause (CAC) that was announced as a part
of a permanent European Stability Mechanism (EMS). This clause is
effectively embedding a restructuring option into sovereign debt and the
markets are simply pricing in the cost of this option on European debt.
Illiquidity and fear may have exaggerated the moves but with year-end
around the corner it is best to shoot first and ask questions later. In
such an environment the ECB is content in continuing to ensure depth and
liquidity in those market segments which are dysfunctional (original aim
contained in their May 10 statement). Dysfunctional does not mean that the
ECB will look to stand in the way of higher peripheral yields.

Anyone expecting the ECB to announce a departure from their sterilized bond
intervention strategy at this Thursday ECB meeting will be disappointed.
Our view is that the political pieces need to fall into place for the ECB
to consider Fed style asset purchases. It will take a lot for the ECB to
overcome its fear that as long as markets fear there is a solvency issue
for many peripherals then any QE style bond purchases might be seen as 1) a
monetization of fiscal deficits 2) rewarding fiscal irresponsibility and 3)
giving up its ability to react flexibly to future threats to its price
stability mandate. The hurdle rate for small scale sterilized bond
purchases switching to large scale unsterilized bond purchases (QE) remains

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