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NEW YORK (Reuters) - Global equity markets fell on Monday amid unease over the impact of the U.S.-China trade war on China’s growth, while the dollar gained against the euro as Italian bond yields spiked on a brewing spat over Italy’s budget plans.
European markets slid, with defensive stocks under pressure as investor confidence took a hit from last week’s spike in Treasury yields and heightened expectations for further U.S. interest rate hikes by the Federal Reserve.
On Wall Street, the tech-heavy Nasdaq fell for the third straight day though the broad S&P 500 pared losses to end nearly flat as defensive stocks offset a decline in growth shares.
“Growth stocks are so sensitive to global growth expectations,” said Chad Morganlander, senior portfolio manager at Washington Crossing Advisors in Florham Park, New Jersey. “Any time you see concern about that, you’ll see the reversal of that trade.”
The pan-European FTSEurofirst 300 index of leading regional shares closed down 1.14 percent, its biggest one-day drop in a month, while MSCI’s gauge of stocks across the globe shed 0.31 percent.
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