Stocks Drop With Euro as Spain Delays Bailout Decision
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Global stocks fell for a seventh day, Treasuries rose and the euro slid as German and Asian data spurred concern the economy is weakening and Spain delayed making a decision on seeking a bailout until terms are clear.
The MSCI All-Country World Index slid 0.9 percent at 4 p.m. in New York, extending its longest losing streak in seven weeks. The Standard & Poor’s 500 Index lost 0.8 percent and U.S. 10-year Treasury yields decreased three basis points to less than 1.63 percent. The euro slipped 0.2 percent to $1.2509 and Spain’s 10-year yield surged 13 basis points. Oil fell 1 percent as Tropical Storm Isaac weakened.