setUoYouRPROFILE's blog: "tufui"

Global stocks and the euro fell, retreating after their best weekly gains in more than two years, as Germany damped expectations for a fast resolution to Europe’s debt crisis and a report showed New York-area manufacturing shrank more than forecast. Treasuries advanced. The Standard & Poor’s 500 Index slid 1.9 percent to 1,200.86 at the 4 p.m. close in New York as Wells Fargo & Co. sank after reporting a drop in revenue. The MSCI All-Country World Index slipped 1.2 percent following last week’s 5.4 percent rally. The euro, which strengthened 3.8 percent versus the dollar last week,Longchamp Outlet weakened 1.1 percent against the U.S. currency today. Lead, coffee and gasoline led losses in materials tracked by the S&P GSCI Index. Treasury 10-year notes rose, pushing yields down nine basis points to 2.16 percent Equities and the euro headed lower as Steffen Seibert, German Chancellor Angela Merkel’s chief spokesman, said European Union leaders won’t provide the quick ending to the debt crisis that global policy makers are pushing for at an Oct. 23 summit. Optimism that the region’s officials were developing a plan to help banks weather losses on sovereign debt propelled gains in stocks and the euro last week. “It’s optimism punctuated by reality,” said Hayes Miller, the Boston-based head of asset allocation in North America at Baring Asset Management Inc., which oversees $51.6 billion. “It’s not in the Germans’ interest to offer up a bailout package on the terms that the market would like.” Finance ministers and central bankers from the Group of 20 nations concluded weekend talks in Paris by endorsing parts of Europe’s emerging plan to avoid a Greek default, bolster banks and curb contagion. They set the Oct. 23 meeting of European leaders in Brussels as the deadline.