By Jason Corcoran
Nov. 13 (Bloomberg) -- Russian stocks headed for the lowest level in almost two weeks after oil fell yesterday and as fears grew that some European?s most indebted nations will struggle to reduce their budget deficits.
OAO Novolipetsk Steel, Russia?s biggest maker of the metal, lost 2.8 percent. OAO Polyus Gold, the nation?s biggest gold producer, dropped 1.8 percent. Oil producer OAO Tatneft retreated 2.1 percent, helping to push the Micex Index lower by 0.9 percent to 1,534.12 as of 2:05 p.m. in Moscow. The 30-stock gauge fell for the fourth day and is poised for its lowest close since Nov. 1.
Oil, one of Russia?s chief exports, fell the most in three weeks yesterday, losing $2.93 to settle at $84.88 a barrel in New York on speculation China will raise interest rates. European Union members of the Group of 20 met yesterday in Seoul, seeking to reassure investors who have driven Irish bond yields to record highs on concern the bloc will need to step in with a bailout.
?Oil is lower because of Chinese inflation fears and the Europe debt issue is looming, which is affecting risk appetite for Russia,? Peter Westin, chief strategist at Aton Llc in Moscow, said by phone.
--Editors:
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
This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured article: Beyond Hiroshima - The Non-Reporting of Falluja's Cancer Catastrophe.
No comments:
Post a Comment