Global Stocks Fall After Yuan Move

By Christopher Whittall 

        Global stocks fell Tuesday after China's central bank devalued its currency and a Greek official said Greece and its international creditors agreed on terms for a third bailout.
        In Europe, the Stoxx Europe 600 index was down 0.2% in early trade, led by a 1.7% drop in the auto sector. Greece's Athex Composite index was 1.3% higher in early trade.
        Greece and its international creditors reached an agreement to provide the country with a bailout worth as much as EUR86 billion ($94.4 billion), but some details remained unresolved, a Greek government official said. However, it wasn't immediately clear whether the creditors agreed the deal was complete.
        Most Asian bourses fell and currencies sank in response to the People's Bank of China's move to weaken its currency as the world's second-largest economy sags.
        The PBOC devaluation of the yuan "represents a long overdue, albeit partial, fightback in the global currency wars that have sapped China's competitiveness," said Richard Iley, an economist at BNP Paribas SA.
        Japan's Nikkei 225 index fell 0.4%, Korea's Kospi index dropped 0.8% and Australia's S&P ASX 200 index fell 0.7%. The Shanghai Composite Index was flat.
        Stocks in Hong Kong bucked the trend, with the Hang Seng Index rising 0.4%.
        In currency markets, the euro fell 0.3% against the U.S. dollar to $1.0983. The Japanese yen fell 0.4% against the buck. The British pound was down 0.2% against the dollar.
        Brent crude oil fell 0.8% to $50.03 a barrel. Gold was down 0.6% at $1,097.60 a troy ounce.
        Write to Christopher Whittall at christopher.whittall@wsj.com
        (END) Dow Jones Newswires

        August 11, 2015 03:42 ET (07:42 GMT)