Stocks slid the most since June and oil surged to an 18-month high amid concern the U.S. will take military action against Syria. Treasuries, the yen and gold rose while Turkey’s lira and India’s rupee reached record lows.
Japan’s Topix Index declined 0.3 percent, falling a second day. Photographer: Yuriko Nakao/Bloomberg
Aug. 27 (Bloomberg) -- Russ Koesterich, chief investment strategist for BlackRock Inc., talks about the outlook for stocks and bonds. He speaks with Sara Eisen and Tom Keene on Bloomberg Television's "Surveillance." (Source: Bloomberg)
The MSCI All-Country World Index dropped 1.4 percent as of 4:35 p.m. in New York as the Standard & Poor’s 500 Index fell 1.6 percent, the worst declines for both in two months. Dubai’s benchmark gauge plunged 7 percent. Japan’s currency appreciated versus all 31 major counterparts and government bonds of the U.S., Germany and the U.K. rallied. The lira tumbled passed 2 per dollar for the first time and the rupee sank to 66.19 versus the dollar. Crude jumped 2.9 percent to $109.01 a barrel in New York and gold rose 1.9 percent to $1,420.20 an ounce.
U.S. benchmark stock indexes erased gains in the final hour of trading yesterday as Secretary of State John Kerry said yesterday that President Barack Obama believes there must be accountability for the “moral obscenity” of using chemical weapons in Syria, fanning concern unrest may disrupt Middle East oil supplies. An Ifo institute report today showed German business confidence rose for a fourth month in August, while U.S. data showed home prices increased at a slower rate andconsumer confidence held near a five-year high.
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