Stocks fall as oil reaches 18-month high on Syria, gold rallies

Dubai Plunges

Dubai’s DFM General Index plunged 7% for its worst decline since 2009 and biggest decline among more than 90 global benchmarks tracked by Bloomberg. Emaar Properties PJSC, the United Arab Emirates’ biggest publicly traded developer, lost the most since January 2010, and Gulf Navigation Holding, whose tanker fleet ship oil and gas, slid 9.4%. The seven Persian Gulf benchmarks fell.

The Bloomberg U.S. Dollar Index, a gauge of the currency against six major peers, lost 0.3%.

The yen advanced for a second day, strengthening 1.5% to 97.09 per dollar as investors sought the currency as a refuge. Against the euro, it rallied 1.3% to 130.01 yen. The 17-nation shared currency increased 0.2% to $1.3390.

The rate on 10-year German bunds dropped 4.7 basis points to 1.85% and the 10-year gilt yield tumbled 12 basis points to 2.60%.

The cost of insuring against losses on corporate bonds rose, with the Markit iTraxx Europe Index of credit-default swaps on 125 investment-grade companies increasing 6.7 basis points to 107.5 basis points, the highest since July 12.

Brent crude oil jumped 3.3% to $114.36 a barrel to lead gains in the commodities. The Middle East accounted for 35% of global oil output in the first quarter of this year, according to data from the International Energy Agency.

Soybeans retreated 1.4% after gaining 4.6% yesterday on speculation of crop damage from hot, dry weather in the U.S. Midwest. Corn declined 2.9% after jumping 6.5% yesterday.

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