U.S. stocks fell, with the Nasdaq Composite Index sinking the most since 2011, as technology shares resumed a selloff on concern valuations are too high as earnings season begins. Treasury rates sank to a three-week low on speculation interest-rate increases won’t be accelerated.
European government bonds advanced after Federal Reserve minutes damped speculation U.S. policy makers are moving toward raising interest rates, and as Greece returned to debt markets for the first time since 2010.
German government bonds fell for a fourth day, leading most euro-area sovereign debt lower, as investors bet the European Central Bank will refrain from adding new stimulus to tackle slowing inflation.
Spanish, Italian and Irish government bonds advanced this week, with five-year yields dropping to records, as slowing inflation in the euro area’s largest economy buoyed the case for further monetary stimulus.
Richard McGuire , a former partner at Pershing Square Capital Management, lined up financing from a unit of Blackstone Group LP to start a stock hedge fund, looking to add stakes in small and mid-sized companies.
Southeast Europe’s emerging economies must brace for a slowdown as the euro-region debt crisis saps demand for their exports and investment dries up, said Richard McGuire, an economist Rabobank International.