European stocks fell for a sixth day, credit markets weakened and German bonds advanced. Crude erased gains while currencies of commodity-producing countries and Gulf shares rose.
Equities in Europe headed for the longest losing streak since June and U.S. stock-index futures erased gains. The cost of insuring European banks’ and insurers’ senior debt rose for an eighth day, the longest run since March 2013. German bonds rose amid haven demand. Russia’s ruble and Australia’s dollar strengthened.
Norway’s central bank is becoming a force for the currency markets to contend with after it raised krone purchases to a record in February as Scandinavia’s richest nation takes a hit from the collapse in oil.
The Nordic country will buy 900 million kroner ($104 million) a day next month as it converts its oil income into local currency to cover budget needs, according to a statement from the Oslo-based central bank. That’s an increase from 500 million a day in December.