Russian stocks fell the most in more than two months as metal prices declined on signs China is stepping up efforts to cool its economy, damping the outlook for producers.
OAO Sberbank, Russia’s biggest lender, and OAO Novolipetsk Steel, the country’s largest steelmaker by market value, both lost 3.1 percent, while oil producer OAO Lukoil slid 1.7 percent. Those movements helped push the 30-stock Micex Index down 1.3 percent, its biggest retreat since Aug. 24, to 1,574.63 by the 6:45 p.m. close in Moscow.
Copper declined 1.1 percent, to $8,764 a ton on the London Metal Exchange. Lead, nickel, tin and zinc all fell on the LME. Emerging-market stocks slid the most in two weeks as investors speculated China may raise rates to cap an inflation rate seen at 4.4 percent in October.
In China, “jitters over what steps the government may take to cap inflationary pressures are weighing on equities,” Aton Capital analysts wrote in an e-mailed report today.
To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at email@example.com