Asian stocks and oil declined for the first time in five days, while Treasuries dropped and gold rallied to a record as U.S. President Barack Obama and Congress failed to reach a deal on raising the debt limit, intensifying concern the nation will default.
The MSCI Asia Pacific Index fell 1.1 percent at 2:15 p.m. in Tokyo and Standard & Poor’s 500 Index futures slipped 1.1 percent. Ten-year Treasury yields gained three basis points. The dollar sank 0.9 percent against the Swiss franc, while the euro erased gains versus the U.S. currency after Moody’s Investors Service cut Greece’s credit rating. Gold added as much as 1.4 percent to $1,624.07 an ounce, while oil retreated 1 percent.