Next Plc is planning its first bond sale in more than two years as the average extra yield investors demand to hold pound-denominated company notes instead of U.K. debt fell to the lowest in almost two weeks.
U.S. stocks fell, pulling the Standard & Poor’s 500 Index down from a two-month high, as federal budget negotiations deteriorated. Global equities reached a 17-month high and the euro rose as German business confidence grew.
Stocks rallied, sending the Dow Jones Industrial Average to the highest since October 2007, as Italy sold debt amid political turmoil and U.S. data bolstered confidence in the world’s largest economy. The euro rebounded from a seven-week low and Italian 10-year bonds gained.
The cost of insuring against default by the government of Denmark jumped 14 basis points to a record 88, according to CMA prices for credit-default swaps. The contracts are up from 28 basis points on June 7.