IN BRIEF (Page 17)

Stocks decline

Global stocks dropped yesterday for the first time in four days after the MSCI World Index traded at its most expensive level relative to earnings since 2003. Metals slid and oil fell from a seven-week high.

The MSCI World Index declined 0.3 percent at 12:16 pm in London after the gauge of 23 developed nations traded at 24.1 times the earnings of its 1,656 companies. Futures on the Standard & Poor's 500 Index slipped 0.7 percent. Copper retreated from its highest level since October, while crude dropped 1.3 percent in New York. The yen advanced against all 16 most-traded currencies tracked by Bloomberg.