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Russian stocks dip on risk retreat, oil supports rouble

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* Russian stocks follow emerging markets down after Spaindowngrade

* Retailers Magnit and X5 publish contrasting sales results

* Rouble down against dollar, up against euro

MOSCOW, Oct 11 (Reuters) - Russian stocks fell back onThursday amid a general retreat from risk assets following adowngrade of Spain's rating and a poor start to the U.S.earnings season, though a firm oil price supported the rouble.

At 0715 GMT the rouble-denominated MICEX index

was

down 0.2 percent to 1458.6 points, while the dollar-denominatedRTS

was down 0.3 percent to 1479.0 points.

Russia moved in line with other emerging markets, which fellafter Standard & Poor's cut Spain's sovereign rating by twonotches on Wednesday, while a weak earnings report from U.S.aluminium producer Alcoa has underscored slowing growth in Asia.

"It looks like the Russian market will once again show aweak dynamic during the course of the trading session, on thebackground of investors' fears that present share prices aren'tsupported by global fundamentals," wrote BKS analyst MarkBradford in a research note.

Fast-expanding Russian retailer Magnit

bucked thenegative market trend, rising 0.6 percent, a day afterpublishing bullish nine-month sales results.

But larger London-listed Russian retailer X5

disappointed expectations on Thursday with a 10.4 percentyear-on-year rise in third quarter sales.

The rouble was weaker against the dollar but strongeragainst the euro, which has fell globally after Spain'sdowngrade, leaving the rouble stable against its euro-dollarcurrency basket.

At 0715 GMT the rouble was down 0.2 percent to 31.15 againstthe dollar

, up 0.2 percent to 40.06 against theeuro

, and unchanged at 35.16 against the basket

.

The rouble was supported by a firm oil price, with Brentcreeping up to $115 per barrel

.

The yield on Russia's benchmark 2030 Eurobond

was marginally tighter at 2.84 percent, compared with 2.86percent on Wednesday.Russian Latest Net % % ChangeMarkets Change Change on yearSTOCKSMICEX1458.56 -2.37 -0.16 4.02RTS1479.00 -4.84 -0.33 7.03London854.34 -1.05 -0.12 9.75ADRsEmrg Mkt989.80 -2.29 -0.23 8.01IndxMSCI790.82 -2.22 -0.28 7.34RussiaSberbank92.12 -0.17 -0.18 16.81VTB0.05 -0.00 -0.13 -8.21Gazprom155.45 0.18 0.12 -9.25LUKOIL1937.00 0.00 0.00 13.77Rosteleco134.29 -1.21 -0.89 -11.65Dollar/Ro31.15 0.05 0.15 -3.12bleEuro/Roub40.06 -0.07 -0.17 -4.02eRouble35.16 -0.00 -0.01 -3.58basketDEBT Bid Ask %Rtn CouponRussia7.64 7.60 -0.03 7.6010-yrbondMONEY Bid Ask CloseMARKETOvernight5.85 6.35 6.19rateTABLE FROM POWER PLUS PRO

All data taken from Reuters at 0715 GMT

(Reporting by Jason Bush; Editing by Susan Fenton)

((jason.bush@thomsonreuters.com)(Tel: +7 495 775 1242))

Keywords: RUSSIA MARKETS/