Dubai’s benchmark stock index fell the most in a month, tracking a decline in global markets last week, on investor concern this year’s rally was overdone given prospects for earnings growth. Saudi Arabia’s gauge dropped.
The Standard & Poor’s 500 Index and Nasdaq Composite Index capped their worst week since 2012, with stocks most beloved by hedge funds plunging amid concern valuations have climbed too high as earnings season starts.
Vornado Realty Trust will spin off its U.S. strip shopping centers into a new publicly traded real estate investment trust as part of an effort to focus primarily on properties in New York and the Washington area.
Asian shares fell this week, with the regional benchmark halting a two-week gain and Japan’s Topix index capping its worst week since June, as technology shares sank amid a global rout and the yen strengthened.
U.S. stocks sank, extending the Standard & Poor’s 500 Index’s worst two-day drop since June, amid disappointing results at JPMorgan Chase & Co. and signs hedge funds were dumping the bull market’s best performers.