OREANDA-NEWS  On 10 October was announced, that rates cut by leading central banks is not stimulating the market for the time being. Rates cut by the majority of leading central banks of the world has not produced any significant positive effect on the markets. An especially large was the decline of the Japanese Nikkei, which sank 9.4% in response to the 8-year record high growth of corporate bankruptcies. The real situation with corporate bankruptcies is still uncertain, which maintains the loan portfolio growing despite rates cut by central banks. However, today, the European banks opened with slight increase, which to the larger extent became a result of confirmation by the largest PC producers – IBM – of its growth expectations and the following increase in quotations of the sector companies.

The negative outlook for economic growth in Ukraine was published. The IMF published its outlook for the Ukrainian GDP growth in 2009 at the level of just 2.5%, after publication of the US GDP growth at 0.1% level and its zero growth in Germany. It is evident that the IMF outlook negatively views a significant dependency of Ukraine's economy growth on external factors, although the export share in the GDP, according to our estimates, has already fell to 38% this year from almost 60% in 2000. The IMF also negatively views the influence of credit resources deficit on Ukraine, allowing for high share of banks assets in the GDP (almost 90%).

The NBU demonstrate higher activity in the market support. The NBU becomes a key regulator of the stock market. Particularly, the National Bank of Ukraine demonstrated its readiness to support the forex market (it sold from its reserves almost USD 200 mn at UAH 5.00/USD) and to boost its refinancing of the banks. Yesterday, the NBU increased refinancing to UAH 2.9 bn, but the introduced moratorium on satisfying its creditors claims may arrest the deposits volume increase in the short-run.