Russian stocks slid to their lowest intraday level in almost two weeks after oil and metals fell as signs of a slowing U.S. economy damped investor demand for commodities. The Micex Index of 30 stocks retreated 1.5 percent to 1,688.36 by 10:52 a.m. in Moscow, its lowest intraday level since July 21. Oil producers OAO Rosneft and OAO Gazprom Neft both dropped 1.6 percent. OAO Novatek, Russia’s second-largest natural gas producer, declined 2.1 percent. The dollar- denominated RTS Index slumped 1.8 percent to 1,932.36. Crude, Russia’s main export earner, dropped as much as 69 cents to $93.10 a barrel in New York after U.S. consumer spending unexpectedly fell in June for the first time in almost two years. Moody’s Investors Service said the nation’s credit rating may be downgraded on concern fiscal discipline will ease, further debt reduction measures won’t be adopted and the economy will weaken. “Against this negative global backdrop it matters not that Russia is in a relatively stronger position in terms of fiscal health, growth and asset valuations,” Chris Weafer, head of Russian research at ING Groep NV, wrote in an e-mailed report today. Nickel, tin, zinc, copper and aluminum all declined on the London Metal Exchange. OAO GMK Norilsk Nickel, Russia’s largest mining company, slipped 1.3 percent to 7,341 rubles. To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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