(Bloomberg) -- Standard & Poor’s Index futures fell and Treasuries rose after the U.S. economy expanded at a slower pace than forecast in the fourth quarter. European stocks pared the best start to a year since 1989 and the ruble weakened as Russia unexpectedly cut its key rate.

S&P 500 futures dropped 0.9% at 8:32 a.m. in New York. Treasury 10-year yields fell six basis points to 1.69%. A gauge of sovereign-bond yields around the world was near a record low as the threat of deflation globally fueled demand for fixed-income assets. The Stoxx Europe 600 Index slipped 0.2%. The ruble tumbled to as low as 71.8465 versus the dollar. Gold rose 0.5 percent and oil in New York traded 0.9% higher at $44.94 a barrel, trimming its seventh monthly decline.

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