22
February
Oil, Bonds Gain on Libya Turmoil; Asia Stocks, Kiwi Dollar Drop
22 February 2011 Bloomberg.com
Oil climbed to the highest level in more than two years and bonds gained, while stocks and U.S. index futures declined as violence intensified in Libya. The New Zealand dollar weakened following an earthquake in Christchurch.
Crude for April delivery surged 8.3 percent from the Feb. 18 close in New York to $97.18 a barrel as of 5 p.m. in Tokyo. The MSCI Asia Pacific Index lost 2 percent and the Stoxx Europe 600 Index slid 0.2 percent. Standard & Poor’s 500 Index futures sank 1.3 percent from last week. New Zealand’s dollar fell against all 16 major peers. Ten-year Treasury yields dropped to a two-week low. The cost of insuring Japanese debt rose as Moody’s Investors Service lowered the nation’s outlook.
