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News Link • Economy - International

Euro, Stocks, Bonds Retreat Amid Concern European Debt Crisis Will Spread


The euro weakened, global stocks extended losses into a fourth week and Spanish and Portuguese bonds dropped as Ireland’s 85 billion-euro ($113 billion) bailout failed to ease concern the region’s most-indebted nations will need further aid.

The euro slid against its 16 major counterparts at 1:19 p.m. in New York. The MSCI World Index, a measure of 24 developed nations, slipped 1.1 percent and the Standard & Poor’s 500 Index lost 0.9 percent. The yield on Spain’s 10-year bond added 25 basis points and Portugal’s climbed five basis points as the cost of insuring the countries’ debt against default jumped to records. Oil futures rallied 1.9 percent to $85.37 a barrel, leading gains in commodities.

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