Global stocks tumble as delta variant cases soar; oil falls after OPEC+ reaches a deal on supply

SourceBusiness Insider
SectorFinancial Markets
CountryGulf

Global stocks tumbled on Monday with US futures and European markets echoing the weakness that dominated the trading day in Asia and losing ground as delta variant cases continue to soar around the world. US futures were last down on Monday at 4:52 am E.T.. dropped by 0.95%, lost 0.69% and dipped by 0.36%.

Yields on 10-year Treasury notes were last at 1.251%, down 4.3 basis points on the day, reflecting the pickup in investor desire for safe-haven assets. Investors are awaiting a potential vote on the Biden administration’s bipartisan infrastructure bill and are looking towards the release of housing market data. The rising cases and resulting tightening of lockdown restrictions weighed on markets as investor concern over the impact on economic growth intensified, despite earnings season having got off to a strong start. “There was a great deal of optimism over the summer reopening, however, as we look ahead to the rest of the year and look at how...read more...