Stocks slid to their lowest level in three weeks after a slump in U.S. consumer confidence fueled concern that the global recovery is faltering.
The 30-stock MICEX Index slipped 1.1 percent to 1,309.31 at the close Wednesday, taking its loss this quarter to 9.7 percent. Stocks erased gains of as much as 0.4 percent after the Central Bank kept its key rates on hold. The ruble was little changed against the dollar at 31.2550, down 6.1 percent in the quarter.
Norilsk Nickel fell 4 percent and steelmaker Magnitogorsk Iron & Steel dropped 1.4 percent.
Emerging-market stocks fell as investors sold riskier assets after an unexpected drop Tuesday in U.S. consumer confidence added to concern sparked by the revision of an economic indicator for China. Oil slid 21 cents, or 0.4 percent, to $75.73 a barrel.
“Russia is still trading around the external concerns about the growth in China and U.S. consumer confidence,” Tom Mundy, a strategist at Renaissance Capital, said Wednesday.
U.S. President Barack Obama said the U.S. economy faces “headwinds” from Europe’s debt crisis after a meeting Tuesday with Federal Reserve Chairman Ben S. Bernanke. The U.S. Conference Board’s gauge of confidence among U.S. consumers slumped to 52.9 this month from a revised 62.7 in May.
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