Global stocks dropped from a five- year high, with shares in Europe halting the longest rally in 40 months, as oil and copper tumbled after China’s money-market rates jumped. The yen and Treasuries rose and the dollar rebounded from an almost two-year low versus the euro.
Japanese Prime Minister Shinzo Abe, beset by festering ties with China that have barred a bilateral summit since he took office, is overseeing an unprecedented expansion in ties with Southeast Asia as a counterbalance.
The longest losing streak for gasoline futures since trading began on the New York Mercantile Exchange in 1986 means that prices at the pump will continue dropping through the Nov. 6 presidential election, AAA says.
North Korea and its ruling elite are facing additional sanctions after the U.S. and China agreed on a United Nations Security Council resolution punishing the Communist nation for its February nuclear test explosion.
Hurricane Isaac and a deadly blast at Venezuela’s Amuay refinery pushed gasoline to an almost four- month high and threatened to revive a debate about energy costs in the run-up to the presidential election in November.
New Jersey drivers waited in two- mile-long lines to buy gasoline as Hurricane Sandy’s devastation of the New York metropolitan area flooded fuel terminals, curbed deliveries and left many filling stations in the dark and unable to run their pumps.
Britt Harris arrived at the Teacher Retirement System of Texas in 2006 from the world’s biggest hedge fund with a mandate to improve the pension’s performance. He also brought a Wall Street attitude about pay.