European Stocks Decline as German Bunds Rise Before Referendum
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European stocks fell for a second day and German bonds gained as Greece called for a writedown on its debt and investors braced for a referendum this weekend.
The Stoxx Europe 600 Index decreased 0.5 percent at the close of trading, while the yield on Germany’s 10-year bund dropped five basis points to 0.79 percent. Standard & Poor’s 500 Index E-mini contracts expiring in September dropped 0.1 percent as U.S. markets were shut for a holiday. The MSCI Emerging Markets Index slid 0.7 percent in New York as Chinese shares posted their biggest three-week slide since 1992. Oil capped its worst week since March.