European stocks closed lower Monday as shares in Bayer AG and Fiat Chrysler Automobiles NV struggled and Deutsche Bank sounded downbeat on the market. Euro strength can make prices for European exports more expensive for holders of other currencies to buy.
U.S. stocks finished lower Monday, giving up early gains as the prospect that interest rates might rise as soon as next month weighed on utilities shares. The utilities sector was the worst-performing of the index, sliding 1% as the prospect of higher interest rates diminished demand for dividend-paying stocks.
Asian stocks fell for the first time in three days, as a stronger yen weighed on exporters in Japan and speculation mounted the U.S. is closer to raising interest rates. Federal Reserve Bank of St. Louis President James Bullard said he doesn't expect a U.K. vote on European Union membership to influence the U.S. central bank's decision.
Based on MarketWatch materials
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