Bahrain and Libya’s sovereign credit ratings were cut as the two Arab countries struggle to contain anti-government protests.
Libyan leader Muammar Qaddafi said he hadn’t fled the country as diplomats resigned and soldiers deserted in protest over a crackdown on anti-government protesters that has left hundreds dead.
Abu Dhabi and Qatar led an increase in the cost of insuring government debt in North Africa and the Middle East on concern political upheaval may spread and disrupt oil supply. Oil climbed to the highest level in more than two years and bonds rose, while Asian shares and U.S. stock futures declined as violence intensified in Libya.
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