Yesterday in world stock markets pessimistic moods reigned. Investors were not pleased with last macroeconomic data. In particular, in the largest country of Western Europe, Germany, the index of business activity for half a year has decreased for the first time and has reached a point 90,5 points. (Meanwhile analysts predicted its growth.) As a result the European indexes have decreased on 1 - 2 %. The auctions have begun With decrease in indexes in the USA also. Index NASDAQ has fallen below a mark of 1700 points, having reached a semi-annual minimum. Index Dow Jones has fallen more low psychologically important level of 10 thousand points that is the minimum value for last two months. Apparently, in stock market of the USA revaluation of the advertised restoration of economy has begun. After September acts of terrorism the American market has tested two powerful waves of growth. The first has begun in the end of the last year on conversations on an exit from recession, and the second - in March of it when officials began to say that recessions were not at all. However now regulating bodies in the name of Federal reserve system (US Federal Reserve) show pessimism unusual for them. Continuing to speak about growth of economy, the authorities leave discount rate at a minimum level. The analysis of the financial authorities is reduced to that while economy growth the unstable. Most brightly the situation is reflected in reports of the companies. Current falling of quotations proceeds all that time while the leading companies publish results of the work in the first quarter of this year. Yesterday the oil companies of the USA (Occidental Petroleum, ChevronTexaco, Conoco) have declared sharp falling of net profit. Even worse affairs go in telecommunication, aviation and financial branches. Financial indicators of the companies hardly - hardly hold out to forecasts. Thus almost all companies are solidary that visible improvements will appear only in 2003. Certainly, anything terrible for the market in it is not present, but, apparently, even on current values of the action of the American companies are overestimated.