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Stock Slump Extended in Europe, Asia as Iran Stokes Oil Decline

  • Banks lead European shares lower amid jump in volatility
  • Stronger yuan fixing bolsters currency; Shanghai stocks rise
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Why Gulf Nations Should be Concerned About Iran...

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Stocks in Europe and Asia extended the global rout Monday, as crude oil hemorrhaged at a 12-year low on the prospect of a bump in exports from Iran.

The MSCI All-Country World Index slipped to its lowest point since July 2013, as banks drove the Stoxx Europe 600 Index to a 13-month low and Japanese and Hong Kong shares led losses in Asia. U.S. index futures dropped, with regular markets closed for a holiday Monday, after equities tumbled at the end of last week. Brent oil dipped below $28 a barrel and traded around its weakest level since the end of 2003 after the lifting of sanctions on Iran paved the way for an increase in oil output amid a global glut in the commodity. Polish bonds fell after the country received its first-ever sovereign credit downgrade.