Russian stocks slip on falling oil price US–China, Italy conflicts

MOSCOW, May 28 (PRIME) -- The Russian stock market decreased on Tuesday on the back of a negative external background amid continuation of the U.S.–China trade conflict and emergence of the European Commission’s one with Italy, and oil prices, falling in the evening, added to the trend, analysts said.

The MOEX Russia Index fell 0.88% to 2,609.78, and the RTS index decreased 1.32% to 1,271.15.

“The Russian stock market resumed a downward correction on Tuesday, triggered by the external background. Sales were supported by the situation on the commodities market, where the closest Brent futures again went lower than U.S. $70. The dynamics of Western floors added to this negative factor,” senior analyst at Promsvyazbank Bogdan Zvarich said.

Analyst at Freedom Finance Anastasia Sosnova said that the latest news on the U.S.–China trade conflict had an ambivalent effect on markets as U.S. President Donald Trump said during his visit to Japan that the U.S. was going to raise the duties on Chinese goods but at the same time hinted at a possible deal in August.

The demand for risk will remain moderate in these conditions, Sosnova said.

A Eurosceptic party won the elections to the European Parliament in Italy, after that the European Commission threatened to fine Italy for 3.5 billion euros for violation of the budget rule. According to Andrei Kochetkov, analyst at Otkritie Broker, these events made the news background for the Russian trading session negative.

Below are the MOEX Russia Index’ five most active stocks on Tuesday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Lukoil	-2.3	5100	33.570
Sberbank	-1.19	233.19	17.346
Gazprom	-1.49	203.13	12.435
Tatneft	+1.08	702.8	4.908
Norilsk Nickel	-0.51	13640	3.853

(64.4636 rubles – U.S. $1)

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