Stocks Slump, Copper Drops; Yen Rises Before U.S. Jobs Report
Stocks fell around the world for a second day, commodities dropped and the yen rose on speculation rising unemployment will damp the global economic recovery.
The MSCI World Index of 23 developed countries slid 0.8 percent at 10:16 a.m. in London, extending its second straight weekly decline. Futures on the Standard & Poor’s 500 Index slipped 0.1 percent, indicating the benchmark gauge for U.S. equities may drop for a fourth day. Copper fell 1 percent. The yen climbed against all but one of the 16 most-traded currencies tracked by Bloomberg. The cost of insuring investment-grade corporate bonds against default increased for a third day.
A Labor Department report today may show the U.S. jobless rate rose to a 26-year high of 9.8 percent and payrolls fell by 175,000 workers in September, according to the median estimate of 81 economists surveyed by Bloomberg News. Goldman Sachs Group Inc. said yesterday that the American economy probably lost more jobs than it previously anticipated, citing “disappointing” data including the number of people receiving jobless benefits.
original post @ Bloomberg
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