While U Slept: Biz&Buz. The 5 Big Overnight Business Stories. Monday, 05/17/10

May 17, 2010

EURO DROPS TO 4-YEAR LOW, THEN STABILIZES The euro continued its slide in early Monday trading, hitting a 4-year low against the dollar before picking up slightly to hover at $1.2234. After early tumbles, European stocks have now rebounded, with the Stoxx Euro 600 Index up 0.1%. (WSJ)

GERMAN BUND STRENGTHENS ON GREEK FEARS The yield on the Germany’s 10-year bund rises 1 basis point to 2.86%, as investors flock to more secure assets in the wake of Greece’s debt crisis. (BusinessWeek)

CRUDE OIL FALLS BELOW $70 PER BARREL Faced with a tumbling euro, crude oil prices fall below $70 per barrel, as a strengthening dollar and concerns over European fiscal austerity measures applied downward pressure on commodity prices. (AP)

CHINESE STOCKS TUMBLE 5%, BIGGEST FALL IN 8 MONTHS China’s stock index falls to its lowest point in 1 year, as government measures to rein in retail prices lead many investors to flee. (Reuters)

Hedge fund manager Man Group announces plans to buy rival GLG Partners for $1.6 billion. (MarketWatch)


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