Last Updated: April 27, 2009 03:22 EDT
By Sarah Jones
April 27 (Bloomberg) -- Stocks declined around the world, Treasuries gained and the yen strengthened as the swine flu outbreak spread and Lawrence Summers said the U.S. economy will keep shrinking.
Air France-KLM Group, Europe’s largest airline, British Airways Plc, and InterContinental Hotels Group Plc retreated more than 4 percent after the swine-flu outbreak spread beyond Mexico and the U.S. as the American government declared a public health emergency. Roche Holding AG and GlaxoSmithKline Plc advanced more than 4 percent as authorities seek a broader range of medicines to protect against a pandemic.
The MSCI World Index dropped for the first time in five days, slipping 0.7 percent at 8:13 a.m. in London. The gauge of 23 developed countries has rebounded 27 percent since March 9 as companies from American Express Co. and Ford Motor Co. to Italy’s Eni SpA posted earnings that beat analysts’ estimates.
-snip- (much more at site)
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