Global Stocks Drop With Metals as Yen, Treasuries Advance

Global stocks dropped from a five-year high, with shares in Europe halting the longest rally in 40 months, as oil and copper tumbled after China’s money-market rates jumped. The yen and Treasuries rose and the dollar rebounded from an almost two-year low versus the euro.

The MSCI All-Country World Index lost 0.6 percent at 4 p.m. in New York for its biggest drop in two weeks. The Standard & Poor’s 500 Index decreased 0.5 percent after reaching a record yesterday for a fourth straight day. Chinese shares fell for a second day and Japan’s currency advanced against all 16 major peers, rising 2.2 percent versus New Zealand’s dollar. Treasury 10-year yields fell to a three-month low. Oil lost 1.5 percent to $96.86 a barrel following bigger-than-forecast growth in supplies. Copper fell 2.2 percent.