Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Retail sales in Russia during the month of June declined in the wake of falling real disposable incomes during the period. However, wages had grown on an unexpected scale, adjusted for inflation. The crash in oil prices has taken a toll on the Russian economy and even better consumer confidence and stable inflation have failed to ignite demand in the economy.
Russian retail sales fell 5.9 percent y/y, exceeding the 5.4 percent median forecast of economists surveyed by Bloomberg. Real disposable incomes declined 4.8 percent, while wages adjusted for inflation unexpectedly rose 1.4 percent, data released by the Russian Federation Federal State Statistics Service showed Tuesday.
Although retail sales are expected to return to growth next year and expand about 2 percent, that will remain far below the average gains of 6 percent in 2010-2013 and 10.5 percent in 2000-2008, Bloomberg reported, citing Morgan Stanley.
Billionaire Sergey Galitskiy’s retailer, one of Russia’s largest supply chain that operates 13,000 outlets in Russia, said the average purchase has fallen for the first time since it began disclosing the figures a decade ago, dropping 1.5 percent in the first half of 2016 from a year earlier.
On the contrary, jobless rate improved for a third month in June, falling more than forecast to 5.4 percent from 5.6 percent, according to data compiled by the statistics service. Moreover, consumer distress has remained a major call for concern for two consecutive years now.
Meanwhile, unlike the downturn in 2009, when Russia adopted a policy of strong currency coupled with an increase in pensions, authorities have taken up steps in response to the crash in crude oil prices by weakening the ruble and cutting on spending.
