Stocks Slide as Glencore, Biotech Routs Roil Markets; Bonds Rise
- Mining stock index drops to lowest in 7 years as metals sink
- Russell 2000 gauge slumps to level unseen since October 2014
When Will Monetary Policy Distortion End?
Losses swept through global equity markets, exacerbating the worst quarter for stocks since 2011, as investors struggled to assess the repercussions of a rout in Glencore Plc and anxiety over the slowdown in China. Demand for haven assets fueled gains in government bonds to the yen.
A 29 percent slump in commodity trader Glencore sent the Bloomberg World Mining Index tumbling to its lowest level in almost seven years. A gauge of global equities slumped to a level unseen since 2013 as the Russell 2000 Index of smaller companies reached a low for the year and the bear market for U.S. biotechnology shares deepened. Treasuries added to their advance in the month and the yen strengthened against all 16 of its major peers.