Global stocks rose for a seventh day, the longest gain in two years, oil fell and the yen slid as data showed China’s economy is improving and Russia bid to get Syria to surrender its chemical weapons to avoid U.S. air strikes. Yields on Treasuries, bunds and gilts increased.
The MSCI All-Country World Index gained 1 percent at 4 p.m. in New York and the Standard & Poor’s 500 Index (SPX) increased 0.7 percent to reach an almost one-month high. Japan’s currency declined against all 16 major counterparts. Treasury 10-year note yields rose six basis points to 2.97 percent as Verizon Communications Inc. marketed what may be a record debt sale. Yields on similar maturity German bunds and U.K. gilts topped 2 percent and 3 percent, respectively. Oil slid almost 2 percent.
China’s industrial production rose 10.4 percent in August from a year earlier and retail sales gained 13.4 percent, the National Bureau of Statistics said on its website today. U.S. President Barack Obama, who will address the nation tonight, said in an interview with NBC News he isn’t confident he’ll get congressional approval for a military strike against Syria and that the Russian proposal to convince Syria to give up its chemical weapons is a “potentially positive development.”
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