Analysis

	World Financial Market Summary of June 2nd, 2008.

A correction in the gold and oil market has not yet resulted in breaking the main trend. Brent oil is being traded at 126.30 dollars per barrel, gold – 890 dollars per troy ounce. Economic statistics has not yet presented a clear picture of the American economy future. Apprehensions in relation to the mortgage crisis have not yet been overcome and that moderate optimism, which resulted in the dollar strengthening, has not yet turned into a steady trend.
 This week the market will be waiting for the decisions by the Bank of England and the ECB on the interest rates. In spite of growing inflation in the Eurozone, most analysts tend to think that Jean-Claude Trichet will make some rough statements without actual changes in the rates. The position of the Bank of England is generally similar to that.
The decisions on the interest rates by the central banks of Australia and New Zealand are also expected to be neutral. Thus, the monetary authorities have taken a break prior to a possible loosening of the monetary policy in view of inflation pressure.
The market situation may be clarified on Friday, after publication of the American NFP (non-farm payroll). In case reduction comprises over 50 thousand, the local strengthening of the dollar may slow down significantly. Thereafter oil and gold bulls will again rule the market.
The US stock indexes, after a drop in mid-May, have slightly grown, but only Nasdaq Composite came close to the May highs (2,550 points). It is currently at 2,522.66 points.
The rates of the US gross domestic product growth in the first quarter of the current year comprised 0.9% on an annualized basis. Though analysts expected it to be 1%, the export growth, due to which the GDP increased, is certainly favorable for the economy.
The Michigan consumer confidence index, which was made public last week, turned out higher than expected and comprised 59.8 points. However, it is the worst value since the recession of the 1980s. Consumer expenses may grow if the tax reductions effective since May, have an immediate effect.
 The summer reduction of activities is gradually taking place in the markets when the price fluctuations are limited.  Up to the beginning of August trading will be taking place in the price band. The only exception may be crude oil prices, which have a potential to go up to 150 dollars per barrel.