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Stocks, Euro Decline Before Europe Summit; Treasuries Advance
European stocks dropped and the euro weakened before regional leaders meet to discuss the debt crisis and Italy sells bonds. Chinese shares sank in the first day of trading after the Lunar New Year holiday. The Stoxx Europe 600 Index slumped 0.6 percent as of 8:14 a.m. in London, paring its gain for the month for 3.8 percent. Standard & Poor’s 500 Index futures retreated 0.5 percent. The euro slid 0.4 percent, snapping a five-day advance against the dollar. Australia’s dollar fell 0.9 percent, weakening against all of its 16 major peers. Treasury five-year yields extended declines to a record low of 0.7299 ... (full story)