European stocks dropped while gold and the yen rallied as new sanctions sent Russia’s ruble and bonds plunging amid efforts to curb violence in Ukraine.
Chinese shares fell as new offerings locked up funds and a potential onshore-bond default loomed. The Stocks Europe 600 Index lost 0.6 percent by 8:14 a.m. in London as Moscow’s Micex (INDEXCF) Index slid 1.8 percent. Standard & Poor’s 500 Index futures slipped 0.3 percent. The yield on Russia’s 2027 bonds surged 28 basis points and the ruble slumped 1.5 percent. The yen added 0.2 percent versus the dollar. Gold climbed above $1,300 and ounce and palladium for immediate delivery traded at the highest since February 2001. The Shanghai Composite Index slid 0.6 percent.
Source: Bloomberg