U.S. Stocks Fall Amid Commodities Slide as Greece Delays Payment

U.S. stocks declined, with the Standard & Poor’s 500 Index reaching a four-week low, as a slide in oil and metals weighed on commodities producers and Greece asked for a deferral on its debt payments.

Freeport-McMoRan Inc., DuPont Co. and fertilizer maker Mosaic Co. lost at least 1.7 percent. Chesapeake Energy Corp. dropped 3.8 percent to lead the energy group lower. Verizon Communications Inc. slid 2 percent after an analyst downgrade. Apparel maker L Brands Inc. added 1.2 percent as May sales exceeded estimates. Wynn Resorts Ltd. jumped 7.2 percent on signs of improvement in Macau’s gambling economy.

The S&P 500 lost 0.9 percent to 2,095.84 at 4 p.m. in New York. The index fell below its average price during the past 50 days, though it’s still within 1.7 percent of its all-time high. The Dow Jones Industrial Average declined 170.69 points, or 0.9 percent, to 17,905.58. The Nasdaq Composite Index retreated 0.8 percent.

Source : Bloomberg

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Asian Stocks Retreat for Fifth Day as Greece Delays Debt Payment

Asian stocks fell for a fifth day, with the regional benchmark index heading for its second week of losses, following a decline in U.S. equities as Greece asked for a deferral on its debt payments.

The MSCI Asia Pacific Index dropped 0.3 percent to 148.85 as of 9:01 a.m. in Tokyo, heading for a 1.7 percent decline this week amid a selloff in bonds and commodities. The Standard & Poor 500 Index dropped on Thursday as raw-material producers slid and Greece became the first country since the 1980s to defer a payment to the International Monetary Fund. While international officials have reported some progress in the talks in recent days, German Chancellor Angela Merkel said they were far from reaching a conclusion.

The global bond rout, reignited this week by signs of inflation in the euro area, took a breather on Thursday, with 10-year U.S. Treasuries rising for the first time this week. Germany 10-year bund yields reached almost 1 percent before pulling back to 0.84 percent, while rates from Spain to Italy retreated.

Japan Topix index slipped 0.7 percent. Australia S&P/ASX 200 Index lost 0.1 percent. New Zealand NZX 50 Index sank 0.4 percent, as did South Korea Kospi index. Markets in China and Hong Kong have yet to open.

Source : Bloomberg

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