Global stocks wobble before U.S. debate, output deal hope lifts oil

Mon Sep 26, 2016 4:13pm EDT
 
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By Richard Leong

NEW YORK (Reuters) - Stock prices around the world fell on Monday ahead of the first U.S. presidential debate between Hillary Clinton and Donald Trump, while oil prices rose in advance of an informal OPEC meeting in Algeria on hopes for an output cut.

Half of America's likely voters will rely on the presidential debates to help them make their choice between the two major U.S. party nominees in the Nov. 8 election, according to a Reuters/Ipsos poll released on Monday.

"Investors are acting extremely nervous with regards to the debate ... and it highlights the fact that the markets are not focusing on the health of the economy, interest rates and geopolitical events," said Robert Pavlik, chief market strategist at Boston Private Wealth.

The Dow Jones industrial average .DJI fell 166.62 points, or 0.91 percent, to 18,094.83, the S&P 500 .SPX declined 18.59 points, or 0.86 percent, to 2,146.1 and the Nasdaq Composite .IXIC decreased 48.26 points, or 0.91 percent, to 5,257.49.

European stocks fell, dragged down by a pullback in the shares of major banking and energy companies. Deutsche Bank shares (DBKGn.DE: Quote) hit a record low on worries about Germany's biggest lender in the wake of a massive $14 billion demand from the U.S. Department of Justice to settle claims on bad mortgage-backed securities.

Europe's broad FTSEurofirst 300 index .FTEU3 closed at 1,338.26, down 1.6 percent for its worst one-day loss since July 6.

Japan's Nikkei stock index .N225 ended 1.3 percent lower.

The MSCI world equity index .MIWD00000PUS, which tracks shares in 45 nations, fell 3.9 points, or 0.9 percent, to 416.08.   Continued...

 
Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, September 21, 2016. REUTERS/Staff/Remote