Shares in Russian retailer Magnit fell sharply on Friday after it reported a slowdown in sales growth in December, with the broader Moscow market tracking Asian stocks lower following weak Chinese export data.

At 0730 GMT the rouble-denominated MICEX index was down 0.6 percent to 1456.1 points while the dollar-denominated RTS had also fallen 0.6 percent to 1381.1.

The Russian market has started the year on a gloomy note, with MICEX down 3.2 percent and the RTS down 4.3 percent this week, the first trading week since New Year.

The winding down of U.S. monetary stimulus is taking a toll on emerging markets which had benefited from an influx of cheap dollars. Friday’s U.S. jobs report is being watched as an indicator of the Federal Reserve’s next steps.

Moscow-traded shares in Magnit MGNTq.L> shed 5.5 percent after the company reported that year-on-year sales growth slowed to 22.9 percent last month.

Russia returned from long New Year holidays on Thursday and trading is expected to be light until next week.

The rouble was steady on Friday at 33.22 against the dollar , 45.21 against the euro and 38.61 against the dollar-euro currency basket monitored by the central bank.

The Russian central bank said it had again moved the rouble’s floating corridor against the currency basket by five kopecks to 33.15-40.15, reflecting continuing selling pressure against the rouble over recent days. The bank made eight such adjustments in December.

The rouble has recovered slightly since hitting a four-year low on Monday, but is down 0.5 percent against the basket since the start of the year.