World Economy

Euro Plunges

Euro PlungesEuro Plunges

European index futures plunged and the euro retreated, while treasuries and German bunds surged as the collapse of Greek rescue talks roiled global markets, Bloomberg reported. Chinese shares swung by the most in more than 20 years after the government boosted stimulus. Contracts on the Euro Stoxx 50 Index tumbled 5% by in London, while the euro dropped 1.3% as expected price swings climbed by the most since 2008. The yield on 10-year bunds fell 20 basis points and the rate on similar treasuries retreated 17 basis points. Standard & Poor’s 500 Index futures slid 1.4% and the MSCI Asia Pacific Index fell 1.9%. Gold advanced 0.8%. The Shanghai Composite Index slid as much as 7.6% after China cut interest rates.