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Euro, Stocks Fall as U.S., German Bonds Advance on Cyprus

The euro weakened to its lowest level this year, while stocks and commodities slipped, as an unprecedented levy on Cyprus’s bank savings renewed concern about Europe’s debt crisis. German two-year note yields dropped below zero and rates on U.S. Treasuries fell as gold rose.

The 17-nation shared currency sank 1.1 percent to $1.2930 at 4 p.m. in New York. The MSCI All-Country World Index lost 1 percent, retreating from the highest level since June 2008. The Stoxx Europe 600 Index fell 0.2 percent, trimming a plunge of 1.2 percent. The Standard & Poor’s 500 Index retreated for a second day, losing 0.6 percent after dropping 1 percent earlier. Copper tumbled more than 2 percent and gold rose almost 1 percent. Germany’s note yields fell to as low as minus 0.003 percent and 10-year Treasury yields reached a two-week low.