U.S.
stocks fell, while bonds rallied around the world as a deepening
commodities rout and an unexpected drop in American retail sales fueled
concern growth is slowing. Copper sank the most since 2011 and the yen
rose.
The
Standard & Poor™s 500 Index slid 1.2 percent at 12:45 p.m. in New
York, for a four-day slide of 3 percent. Freeport-McMoRan Inc. tumbled
12 percent extending its rout this week to 21 percent, while energy
shares headed for the lowest close in two years. The Stoxx Europe 600
Index dropped as Rio Tinto Group and BHP Billiton Ltd., the world™s
largest mining companies, fell at least 4 percent. Copper tumbled 5.2
percent and U.S. crude erased gains after government inventory data. The
yen rose versus its 16 major peers, while 30-year Treasury yields slid
to a record.
Retail
sales fell last month in a broad-based retreat that will probably
prompt economists to cut growth forecasts. Commodity prices are tumbling
as a supply glut collides with waning demand, reducing earnings
prospects for producers and increasing the appeal of bonds as inflation
slows. The World Bank cut its global growth outlook, citing weak
expansions in Europe and China. U.S. financial shares sank after
JPMorgan Chase & Co.™s earnings retreated.
Source: Bloomberg
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