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Stocks, U.S. Futures Fall as Franc Strengthens on Delay in House Debt Vote

July 29 2011, 09:07

FMX|Connect- WWW.FMXConnect.com (Reported on 7/29/2011)

Stocks, U.S. Futures Fall as Franc Strengthens on Delay in House Debt Vote

Source: Bloomberg

Stocks fell, the Swiss franc and yen strengthened and the cost of U.S. default insurance rose to the highest since March 2009 as American lawmakers called off a vote to increase the debt limit. Spanish bonds dropped after Moody’s Investors Service said it may downgrade the country’s debt.

The MSCI All-Country World Index lost 0.6 percent at 8:10 a.m. in New York, extending the biggest weekly retreat in almost a year. Standard & Poor’s 500 Index futures sank 0.5 percent. Five-year credit-default swaps on Treasuries climbed two basis points to 66 basis points. The yen strengthened against all 16 of its major peers, while the Swiss franc approached a record versus the euro. To read the full article, Click Here.

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