Gazprom Leads Eighth Weekly Drop on Oil: Russia Overnight - Bloomberg

Gazprom Leads Eighth Weekly Drop on Oil: Russia Overnight - Bloomberg:

"Russian stocks traded in New York are posting the longest stretch of weekly declines since June 2012 as OAO Gazprom (OGZPY) follows oil lower amid concern the Federal Reserve will cut U.S. monetary stimulus.

The Bloomberg Russia-US Equity Index of the most-traded Russian stocks in the U.S. fell 0.4 percent to 96.45 last week. American depositary receipts of Gazprom, Russia’s biggest company, sank 2.5 percent to a three-month low. Yandex NV (YNDX), the nation’s biggest Internet company, tumbled 4.3 percent after selling dollar bonds. OAO Rostelecom (ROSYY) posted the best week since Oct. 25 after the government approved the merger of its mobile assets into a joint venture with Tele2 Russia.

Russian stocks slumped in line with global equities as signs of improvement in the U.S. economy spurred speculation the Fed will rein in stimulus at this week’s policy meeting. Oil, Russia’s chief export earner, slid as falling demand boosted fuel inventories. Oil and natural gas account for about 50 percent of budget revenue in Russia."

'via Blog this'