Stocks, Commodities Plunge, Dollar Gains on U.S. Jobless Claims

Australian and Japanese stocks plunged, following the MSCI World Index’s biggest decline in nine months, and commodities slid after an unexpected increase in U.S. jobless claims. The dollar rose to an eight-month high against the euro.

Asia’s MSCI Asia Pacific Index lost 1.3 percent to 116.08 at 9:35 a.m. in Tokyo. The MSCI World Index of 23 developed markets sank 2.9 percent and the Standard & Poor’s 500 Index fell 3.1 percent yesterday in New York, the biggest declines since April 20. The Nikkei 225 Index skidded 2.5 percent and Australia’s S&P/ASX 200 surrendered 2.7 percent. Oil lost 5 percent, the biggest drop in six months, and gold tumbled the most since 2008 as dollar gains curbed demand for commodities. (more)