Reuters reports that European stocks tumbled 4 percent on Monday, with banks plumbing a more than two year low, as fears for the future of the euro zone bubbled up against a background of weak economic growth and threats to the banking sector.
The euro fell across the board, with peripheral euro zone debt concerns and political uncertainty in Germany prompting rises in both the dollar and safe-haven Swiss franc.
Worries about public deficits in Greece and Italy and a regional election rout for Germany's ruling party cast fresh doubt on the euro zone's ability to tackle its debt crisis.
Wall Street was closed for a holiday but it was unlikely that U.S. investors would have been in any more of a positive mood given data ahead of the long weekend that showed U.S. employment growth halted in August. That fueled concerns that the world's biggest economy is slipping back into recession…
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