Commodities Join Global Stocks Falling in Week as Gold Drops 7%
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China’s weakening economic expansion and slowing earnings growth in the U.S. sent copper into a bear market and gold to the biggest weekly drop in a year and a half, while global stocks fell the most in 10 months.
Gold futures slid 7 percent to $1,395.60 an ounce during the week and copper retreated 5.6 percent in London for the largest decline since December 2011. The Standard & Poor’s GSCI Index of 24 commodities fell 2.5 percent, a third weekly slump. The MSCI All-Country World Index of 45 markets fell 2.2 percent, paring the decline yesterday with a 0.7 percent gain. Treasuries rose, while the euro and yen weakened versus the dollar.