Economics
Stocks Slide Around the World as Growth Woes Bolster Treasuries
- Commodities retreat as Chinese, U.K. factory disappoints
- Australia's dollar sinks after surprise interest-rate cut
U.S. Stocks Advance...But Where's the Conviction?
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Global equities fell the most in a month and crude oil declined, while Treasuries surged with the dollar as evidence of limp economic growth around the world sparked a retreat from riskier assets.
The Standard & Poor’s 500 Index dropped to a three-week low with energy shares plunging as U.S. oil fell below $44 a barrel. Financial stocks slipped after UBS AG’s earnings missed estimates, sending Europe’s main equity index down for a third day. Emerging-market shares sank the most since Feb. 11, while yields on 10-year Treasury notes slid to a two-week low. The dollar bounced from a one-year nadir, and Australia’s currency tumbled after the central bank unexpectedly cut interest rates.