Economics
Global Stocks Sink Most Since February as Yen Soars to 2014 High
- S&P 500 extends losses as utilities, banks sink with Allergan
- Treasuries and gold in demand as risk aversion mounts
Bank of Japan Monetary Policy and the Yen
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Stocks around the world fell by the most in almost two months as heightened concern over global growth drove investors toward haven assets, boosting government bonds and propelling the yen to its strongest level since 2014.
U.S. shares capped their steepest two-day slump since the start of February, with Allergan Plc plunging amid a government clampdown on tax inversions that torpedoed shares from banks to biotechnology companies. Utilities drove declines in the Standard & Poor’s 500 Index as yields on the 10-year Treasury notes touched a more than one-month low. The yen jumped to a 17-month high versus the dollar as gold also advanced amid the bout of risk aversion.