In European Equity Markets the pan-European Stoxx 600 closed down 1.1 percent lower, with almost all sectors and every major bourse in the red. Retail was down the most, off by 2.6 percent. U.K. retail stocks made heavy losses on Monday, with Asos down almost 39 percent, Next down over 6 percent, Marks & Spencer down 5 percent and Boohoo shares down more than 13 percent. Asos cut its annual sales growth and profit margin forecasts, becoming the latest British retailer to highlight very poor November trading.

In Currency Markets the US dollar on Monday fell from an 18-month high reached the previous session, ahead of the Federal Reserve’s policy meeting this week that will likely result in an increase in interest rates but signal a more cautious tone for the economy next year. The Fed ends its two-day policy meeting on Wednesday and is expected to tighten for a fourth time in 2018. The euro, meanwhile, rose 0.3 percent on Monday. The dollar fell 0.4 percent versus the yen to 112.94, while sterling strengthened 0.2 percent to $1.2606, buoyed by the dollar’s move downward.

In Commodities Markets oil prices fell about 1 percent on Monday on signs of oversupply in the United States and as investor sentiment remained under pressure from concern over the prospects for global economic growth and fuel demand.  Brent crude oil fell 26 cents, or 0.4 percent, to $60.02 a barrel. U.S. light crude was 73 cents, or 1.4 percent, lower at $50.47. U.S. crude futures fell after inventories at the storage hub of Cushing, Oklahoma rose by more than 1 million barrels between Dec. 11 and Dec. 14, traders said, citing data from market intelligence firm Genscape.

In US Equity Markets indices  fell 1 percent on Monday, led by healthcare stocks after a federal ruling that Obamacare was unconstitutional, with the decline in the market-leading sector further unnerving investors already concerned about slowing global growth. The S&P 500 was down 1.10 percent, at 2,571.41 and the Nasdaq Composite fell 1.32 percent, at 6,819.75. Insurer UnitedHealth Group Inc fell 2.14 percent and was the biggest drag on the Dow. Johnson & Johnson continued its slide with a 2.2-percent decline.

In Bond Markets U.S. Treasuries were steady on Monday as investors looked ahead to the conclusion of the Federal Reserve’s two-day meeting on Wednesday, when the U.S. central bank is widely expected to raise interest rates. Benchmark 10-year notes were unchanged in price on Monday, yielding 2.889 percent. The yields have fallen from a seven-year high of 3.261 percent on Oct. 9. The closely watched yield curve between two-year and 10-year notes was last at 16 basis points.