Bonds & Stocks
A resurgence in oil prices dragged down stocks and bonds, stoking concerns about inflation just days ahead of the Federal Reserve decision on rates. The S&P 500 fell 0.4%. The yield on 10-year Treasuries advanced four basis points to 4.99%.
Economy
Brent oil was trading at the highest level since May as attacks on Saudi Arabia intensified and the war with Iran remained unresolved. The global benchmark traded around $115 a barrel on Friday, up almost 4% this week, while West Texas Intermediate was above $100.
World
French bond stress intensified as a broad flight from risk and the threat of another round of weekend protests reinforced the country’s status as the weak link in global markets. The premium on French 10-year bonds over Germany surged by as much as 19 basis points, driving the spread to 1.78 percentage point — the highest since late 2011.