Global stocks sink on fears of new Covid lockdowns

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Nasdaq, S&P 500 and Dax hit

Global stocks took a heavy hit on Monday, while government bonds rallied and the dollar snapped a losing streak, in a rush of nerves about a potential new set of lockdowns to tackle the coronavirus pandemic.

The tech-focused Nasdaq Composite shed 2 per cent, wiping out the last traces of the melt-up in August, with the benchmark S&P 500 index sinking by a similar degree.

Declines in Europe were even more pronounced, with Germany’s Dax dropping by 4 per cent in its worst day since June. Renewed virus concerns dealt a blow to bank and travel shares across markets, pulling Bank of America down 4 per cent and United Airlines down 10…

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