Oriflame Stock Slides

Stocks slumped, sending the MSCI World Index to the lowest level since 2003, on concern bank losses will increase and corporate profits will crumble as the recession spreads. Treasuries and the yen rallied.

Deutsche Bank AG and ING Groep NV dropped at least 8% after Citigroup Inc.'s plan to buy troubled investment-fund assets fueled speculation of more bank writedowns. Copper declined for a third day and oil slid toward US$50 a barrel, sending commodity producers lower. Treasuries rose, pushing two- year note yields to a record low as investors sought the safety of government bonds.

The MSCI World lost 1.9% to 806.46, the lowest since April 2003, at 12:31 p.m. in London. The MSCI Emerging Markets Index tumbled 4.5%, with Russia's Micex Index sliding as much as 9% before trading was interrupted for an hour.

 

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