The second week of May Russian stock market showed weak activity due to the long holidays. The USD-nominated RTS fell by 2.4% while the Ruble-nominated MICEX unchanged to the end of the week due to the weakening of the ruble against the USD, although it fell on Monday to the region of 1350, which corresponds to levels of mid-December. External background continued to deteriorate - the political crisis in Greece with an increased risk of exiting the eurozone, the deterioration of the EC forecasts for the Spain economy and budget deficits, weaker than expected statistics from China, the trading loss of JP Morgan at $ 2 bln. Among the positive news only unexpected increase in the U.S. consumer sentiment. Oil prices continued to slump, eliminating all growth since the beginning of the year (WTI futures fell by 3,1%, Brent – by 1.2%). Risk aversion led to the increase in the outflow of global funds from emerging markets stocks, particularly weekly outflow from Russia amounted to $ 189 mln, a record this year.