“Stocks fell, sending the global benchmark index to a one-week low, amid concern the economic recovery is faltering. Portuguese and Irish debt insurance surged to records after Moody’s Investors Service saidGreece has a 50 percent chance of default.
The MSCI All-Country World Index slid 0.5 percent at 7:15 a.m. in New York. Futures on the Standard & Poor’s 500 Index rose 0.3 percent after the gauge tumbled the most since August yesterday. The yield on Greece’s 10-year bond jumped 12 basis points, and the Markit iTraxx SovX Western Europe Index of credit-default swaps on 15 governments climbed 3.5 basis points. The euro strengthened against 13 of its 16 major peers, adding 1 percent to $1.4466. Sugar and wheat gained.
Economists cut their forecasts for U.S. payroll gains in May after a private report yesterday showed employers added 38,000 jobs, less than a quarter of the median growth forecast in a survey. Data today may show U.S. factory orders fell the most since October. Moody’s downgraded Greece to Caa1 from B1, putting it on a par with Cuba, according to a report yesterday.”
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