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Stocks dropped for an eighth day, the longest losing streak since January 2010, and commodities fell, erasing the Standard & Poor’s GSCI index’s gains for the year, on concern the U.S. recovery is faltering. Bonds jumped, driving Treasury 10-year yields to the lowest in almost 10 months.
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Templeton Asset Management’s Mark Mobius said emerging economies are in “better shape” than developed nations amid turmoil roiling global markets. Marc Faber, publisher of the Gloom, Boom & Doom report, expects the U.S. Standard & Poor’s 500 Index to rally about 40-to-50 points.
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A global rout in equities drove the Standard & Poor’s 500 Index to its worst slump since February 2009, while two-year Treasury yields plunged to a record low amid concern the economy is weakening. The yen pared losses, recovering from the biggest drop versus the dollar since 2008 that was triggered by Japan selling its currency.
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Bank of New York Mellon Corp., the world’s largest custody bank, will charge institutional clients a fee for “extraordinarily high” cash deposits to stem a flight of capital into the safety of bank deposits.
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Sony Corp., the world’s second- largest maker of video-game machines, shouldn’t count on Yukinobu Takeda to stand in line for the $380 PlayStation Vita when the portable player begins selling this year.
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Japan escalated its campaign to convince investors that the nation’s post-earthquake challenges mean they shouldn’t pile into the yen as a haven from the turmoil over U.S. and European debt.
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Li Ka-shing, the Hong Kong billionaire who predicted China’s 2008 stock market decline, said the nation’s economy will avoid a hard landing even as global growth slows.
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Treasury bond yields are plunging to levels seen in the 1950s on concern the two-year recovery in the world’s largest economy is stalling.
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Japanese stocks plunged by the most in more than four months, as concern the global economy is stalling triggered an equities rout that drove the Standard & Poor’s 500 Index to its worst slump since 2009.
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Oil fell to the lowest in eight months in New York, set for the biggest weekly decline since May, on speculation fuel demand will falter as U.S. economic growth stalls and Europe’s debt crisis worsens.
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