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Global stocks started the week with steep declines as investors shed holdings in banks and energy companies. The Stoxx Europe 600 fell 1.4% in morning trade, following a downbeat session in Asia. Futures pointed to a 0.6% opening loss for the S&P 500.European...

Stocks Down as Banks, Energy Companies Fall

Global stocks started the week with steep declines as investors shed holdings in banks and energy companies. The Stoxx Europe 600 fell 1.4% in morning trade, following a downbeat session in Asia. Futures pointed to a 0.6% opening loss for the S&P 500.European...

Stocks Down as Banks, Energy Companies Fall

Global stocks started the week with steep declines as investors shed holdings in banks and energy companies.

The Stoxx Europe 600 fell 1.4% in morning trade, following a downbeat session in Asia. Futures pointed to a 0.6% opening loss for the S&P 500.

European bank shares led losses with the EURO Stoxx Banks index down around 3.4%. Shares of Deutsche Bank AG DB -1.92 % were down around 6.7% at the lowest price in at least 20 years, according to FactSet.

The German lender’s shares have been hit recently by fears it may need a capital increase, after The Wall Street Journal reported earlier this month that the U.S. Justice Department proposed that Deutsche Bank pay $14 billion to settle a set of high-profile mortgage-securities probes.

Oil and gas companies were also among the biggest decliners as investors focused on a meeting of oil producers in Algiers, where some are hoping there might be progress toward a deal on limiting production.

OPEC members and Russia have substantial issues to resolve but still expect to make progress toward a comprehensive deal, energy ministers said.

“We can’t come out empty-handed,” said Nourredine Bouterfa, Algeria’s oil minister, warning that oil prices could drop back into the $30s if OPEC fails to come to terms this week. Brent crude was last down 0.1% at $46.64 a barrel after prices sank around 4% on Friday.

Earlier, shares in Japan fell 1.3% as the dollar fell 0.4% against the yen to ¥100.6130. Bank of Japan Gov. Haruhiko Kuroda said Monday the bank wasn't expecting the annual pace of government bond purchases to fall or rise sharply.

Shares in Hong Kong and Shanghai fell by around 1.2% and 1.8% respectively, while markets in Australia were largely flat.

In other currencies, the Turkish lira fell 0.6% against the dollar to $0.3350 after Moody’s MCO -0.81 % cut Turkey’s credit rating on the country’s debt to junk. The WSJ Dollar Index, which measures the dollar against a basket of 16 currencies, was otherwise flat.

Focus for investors this week also turns to the U.S. presidential election, with the first televised debate scheduled for Monday evening. A new Wall Street Journal/NBC News poll found that 34% of registered voters expect the three presidential debates will be extremely or quite important in helping them decide how to vote.

—Benoit Faucon and Nikki Houston contributed to this article.

Write to Riva Gold at [email protected]

Our editors found this article on this site using Google and regenerated it for our readers.

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