BLBG:Russia Stocks Drop Most in Week as Oil Declines in New York
Russian stocks lost the most in almost a week as oil, the country’s main export earner, dropped in New York.
The Micex Index (INDEXCF) declined 1 percent to 1,530.82 as of 2:32 p.m. in Moscow, the biggest intraday loss since Aug. 26. OAO Lukoil, Russia’s second-largest oil producer, lost 0.9 percent. The dollar-denominated RTS Index fell 1.2 percent to 1,681.27.
Oil fell in New York before reports that may show U.S. manufacturing shrank in August for the first time in two years while employment growth slowed, a sign demand for the commodity may fall in the world’s largest economy. Crude for October delivery lost 0.5 percent to $88.37 a barrel.
The Micex lost 9.3 percent in August, the worst of the benchmark indexes in the so-called BRIC group of emerging-market countries. Brazil’s Bovespa Index fell 4 percent, India’s Sensex dropped 8.4 percent and the Shanghai Composite Index declined 5 percent.
To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
