Stocks Drop With Metals as Alcoa Fuels Growth Concern
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Global stocks fell for a third day and metals retreated as Alcoa Inc.’s reduced aluminum-demand forecast fueled concern that Chinese growth is slowing. Treasuries erased losses as a $21 billion auction drew a lower-than-forecast yield, while oil reversed earlier gains.
The MSCI All-Country World Index slipped 0.6 percent at 4 p.m. in New York and the Standard & Poor’s 500 Index was down 0.6 percent at 1,432.63, its lowest level in a month. Aluminum slid more than 2 percent, while oil tumbled 1.2 percent after rallying 1.4 percent earlier. Ten-year yields, which climbed to as high as 1.75 percent before the auction, were down three basis points at 1.68 percent.