Russian Stocks Fall 1st Day in 3 on Lower Oil, China Rates

Russian stocks fell for the first day in three as oil and metals retreated after China, the world’s biggest energy consumer, raised interest rates to cool the economy.

OAO Novolipetsk Steel, billionaire Vladimir Lisin’s steelmaker, dropped 2.3 percent. Oil producer OAO Lukoil fell 1.5 percent. OAO Polyus Gold, the nation’s biggest gold producer, declined 2.1 percent, helping push the Micex Index (INDEXCF) 0.7 percent lower to 1,490.49 at the 6:45 p.m. close in Moscow. The 30-stock gauge reversed earlier gains of as much as 0.9 percent

Oil, Russia’s main export earner, slid by the most in seven weeks, losing 2.4 percent to $81.11 in New York after China’s central bank raised one-year lending and deposit rates by 25 basis points. Copper dropped 2.7 percent to $3.752 a pound on the Comex in New York. OAO GMK Norilsk Nickel, Russia’s biggest miner, retreated 1.5 percent to 5,432.59 rubles.

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