Euro, Spain 10-Year Bonds Gain on ECB; S&P 500 Retreats

The euro and Spanish 10-year debt advanced on the European Central Bank’s plan to buy bonds, while most U.S. stocks fell as FedEx Corp. cut its profit forecast and reports showed economies were slowing more than anticipated.

The euro appreciated 0.3 percent to $1.2602, near the highest level since July, and strengthened against 15 of 16 major peers at 4 p.m. in New York. Spanish 10-year yields decreased 16 basis points to 6.41 percent and Italian rates lost 15 basis points, while 10-year Treasury yields increased two basis points to 1.59 percent. The Standard & Poor’s 500 Index lost 0.1 percent and the Stoxx Europe 600 Index rose less than 0.1 percent. Coffee, wheat and natural gas led the S&P GSCI Index down 0.6 percent.