Global Stocks Drop as Oil Stokes World Growth Angst; Yen Climbs
- S&P 500 falls most since Brexit aftermath amid oil bear market
- Asian index futures tip further losses amid haven-asset demand
Stoxx 600 Falls as Every Industry Group Declines
Investors turned risk averse, sending U.S. stocks to their biggest drop in four weeks amid a selloff in equities from Japan to Europe as oil’s plunge into a bear market rekindled global growth concerns. Gold climbed with the yen amid demand for havens.
The S&P 500 Index notched up its first back-to-back declines since the aftermath of the Brexit vote, while the Dow Jones Industrial Average’s losing streak hit seven days, its longest slump in a year. Retailers tumbled as data showed U.S. consumers tapped into savings to boost spending last month, while automakers plunged on concern the market may have peaked in 2015. MSCI’s All-Country World Index fell the most since July 5 as oil extended losses below $40 a barrel. Gold futures rose for a sixth straight day as the yen hit a three-week high after Japanese government’s fiscal plans underwhelmed investors.