Shares Tumble On Global Growth Concerns; Treasury Yields Fall
Stock indexes worldwide tumbled on Monday, led by banking stocks in Europe and technology stocks on Wall Street on persisting fears of a global economic slowdown, while benchmark 10-year Treasury yields hit their lowest in a year on demand for assets deemed less risky. European shares extended the previous week’s big losses, with the FTSEurofirst 300 index of top regional shares falling more than three per cent to its lowest in 16 months. Cyclical sectors such as banking and automobiles bore the brunt of the sell-off. The STOXX Europe 600 banking index tumbled over 5.5 per cent, putting the index’s losses for this year at more than 24 per cent on concerns about banks’ profit outlook amid a negative rate environment. US crude prices fell after a meeting between Saudi Arabia and Venezuela failed to reassure investors of measures to bolster sagging prices. Brent crude was last down 37 cents, or 1.09 per cent, at $33.69 a barrel. US crude was last down 47 cents, or 1.52 per cent, at $30.42 per barrel.