Stocks Retreat at the Start as Yen Drops

U.S. stocks opened sharply lower on Monday, with Wall Street relinquishing some of its recent rise, as the yen fell after Japanese officials tried again to weaken the currency. The Dow Jones Industrial Average lately fell 150.65 points to 12,080.46. The S&P 500 Index declined 18.34 points to 1,266.75. The Nasdaq Composite dropped 40.07 points to 2,697.08.

Japan sold the yen for the second time in less than three months after it hit another record high against the dollar Monday, saying it intervened to counter excessive speculation that was hurting the world’s No. 3 economy.

The Wall Street Journal reported Monday that MF Global would seek Chapter 11 bankruptcy protection after investing $6 billion in sovereign bonds issued by European countries.

Swiss bank Credit Suisse (VTX) will announce it is cutting another 1,000 jobs on Tuesday as it restructures its investment bank to help meet tough new capital rules, a Swiss newspaper reported on Monday.

European governments are running into initial resistance as they seek to use this week’s Group of 20 summit to turn early praise for their revamped crisis- fighting strategy into financial support. The G-20 leaders convene Nov. 3-4 in Cannes, France, a week after euro-area authorities pledged to magnify the capacity of their rescue fund to 1 trillion euros ($1.4 trillion) and look beyond their borders for help in doing so as they combat the debt turmoil posing the biggest threat to global growth.

Treasuries advanced, trimming the steepest monthly loss this year, on speculation a U.S. report this week will show jobs growth slowed in October and will be short of what’s needed to cut the unemployment rate.

Oil prices fell below $93 a barrel Monday in Asia as investors mulled whether slowing global economic growth justified a surge in crude this month. Benchmark crude for December delivery was down 79 cents at $92.53 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.


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