Stocks Drop With Commodities on Fed Concern; Yen Climbs

Stocks fell, trimming a 12th consecutive monthly gain in Europe, amid concern the Federal Reserve will reduce debt purchases as the economy recovers. Commodities slid as the International Monetary Fund cut China’s growth forecast, while the yen strengthened and dollar weakened.

The Standard & Poor’s 500 Index slipped 0.7 percent to 1,648.36 at 4 p.m. in New York and the Stoxx Europe 600 Index lost 1.9 percent. Ten-year Treasury yields retreated from the highest level in more than a year, while German bunds dropped as bonds worldwide headed for their steepest monthly slide since 2004. The yen gained 1.3 percent to 101.10 per dollar. The S&P GSCI gauge of 24 raw materials slipped 1.1 percent, the most in almost a month, as natural gas, copper and oil paced losses.