The MSCI Asia Pacific Index lost 1.1 percent as of 9:37 a.m. in Tokyo, where the Nikkei 225 Stock Average (NKY) dropped 2 percent. Futures on Standard & Poor’s 500 Index slipped 0.1 percent. Yields on the U.S. 10-year Treasury declined two basis points to 1.595 percent, an all-time low. The euro was little changed at at $1.2364. Oil fell 0.3 percent to $87.60 a barrel in New York and copper slid 0.6 percent.
Costs to protect Spanish government bonds with default swaps climbed to a record yesterday and a Greek poll showed support for anti-austerity parties ahead of elections next month. Japan’s industrial production rose less than economists expected today and Brazil cut its benchmark interest rate to a record as the debt crisis weighs on global growth. World stock markets have lost about $3.9 trillion since the start of May.
“The market is genuinely worried about the potential disorderly default and exit by Greece and what that means in terms of contagion risks,” said Prasad Patkar, who helps manage about $1 billion at Platypus Asset Management Ltd. in Sydney. “It will have to be a response by governments and the central bank to stem the panic in the market.”
The MSCI Asia Pacific Index is headed for an 11 percent decline this month, which would be the biggest loss since October 2008. The Nikkei dropped today the most in a week, while Japan’s 10-year bond yield fell to 0.81 percent, the lowest level since July 2003.
The euro slid for an eighth day against the yen before data tomorrow forecast to show the jobless rate rose to a record and manufacturing contracted across the 17 nations that share the euro.
Oil is set for its biggest monthly drop in more than three and a half years. Crude futures traded near the lowest settlement in seven months after slumping 3.2 percent yesterday.
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