Rising Yields in Spain and Debt Concerns Take the Euro and World Markets Lower

“Stocks (MXWO) fell for a second day and the euro weakened on concern European leaders will struggle to resolve the debt crisis. Spain’s two-year notes stayed lower after a bill auction and commodities dropped.

The MSCI All-Country World Index lost 0.3 percent at 7:35 a.m. in New York, while Standard & Poor’s 500 Index futures slid 0.1 percent. The Shanghai Composite Index dropped 0.9 percent amid escalating tensions with Japan, capping its biggest two-day loss since March. The euro depreciated 0.4 percent to $1.3068 and Spain’s two-year yield added four basis points to 3.37 percent. The S&P GSCI gauge of 24 raw materials slipped 0.5 percent, with nickel down 1.6 percent and soybeans falling 1.7 percent. New York oil declined 0.4 percent.”

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