The euro declined against the dollar for a third day after Standard & Poor’s cut Italy’s credit rating, adding to concern Europe’s debt crisis will raise borrowing costs for the region’s largest economies.
Asian stocks fell for a second day, driving the regional benchmark index to its longest string of weekly losses since the collapse of Lehman Brothers Holdings Inc., amid signs economic recovery in the U.S. is faltering.
The yen weakened, snapping a four- day gain versus the dollar, on speculation Japan sold its currency for a second time in a month to protect exporters’ earnings. Asian stocks and oil prices fell on concern the global economic recovery is flagging.
Ping An Insurance (Group) Co. , China’s second-largest insurer, is diversifying into property and private equity and increasing its holdings in Chinese stocks to boost investment performance after its worst year since 2005.