S&P BMI index falls 2.63 percent

NEW YORK, May 11 (UPI) -- Standard & Poor's Corp said Tuesday the S&P/Citigroup Broad Market Index Global Composite declined 2.63 percent in April as the prospect of higher interest rates pushed many markets lower.

S&P said Tuesday the decline continues last month's decline for the BMI Global Composite, which measures over 7,500 stocks across 52 countries covering 97 percent of global market capitalization.

Patrick Kerr, Associate Director at Standard & Poor's, said, "A sharp increase in violence in Iraq, coupled with the prospect of higher lending rates this year, pushed many global stock markets lower in April. Much of the decline was due to the rebounding U.S. dollar, however, which rose after a string of reports reflected continued momentum in the U.S. economy, suggesting higher lending rates are likely."

S&P said strong economic data in the U.S. strengthened the dollar against most major world currencies in April, curbing returns for dollar-denominated investors. The S&P/Citigroup BMI Global Composite posted its weakest monthly performance in U.S. dollar terms since January 2003, but in local currency terms the selling pressure appeared much less pronounced.