Stocks extend selloff as dollar drops, gold rises

European and Asian equities fell and U. S. share futures headed lower as global stocks extended the biggest selloff since 2016. Treasuries stabilized while the dollar weakened.

The Stoxx Europe 600 Index retreated for a sixth day in the longest losing streak since November, following similar moves across Asia as both regions took their cue from a U. S. selloff. S& P 500 Index futures were also in the red, though they pared an earlier decline in a sign that losses may ease. While the yield on 10- year Treasuries edged higher, those on core government bonds in Europe fell. The dollar was weaker against most of its major peers.

Investors are watching closely for clues on the direction of the rout that started in U. S. Treasuries and spread across global markets last week, with some pointing to synchronized economic growth as a reason to remain optimistic. European Central Bank President Mario Draghi could help stem further losses when he delivers an annual report to the European Parliament on Monday.

Elsewhere, oil extended

declines after U. S. explorers raised the number of rigs drilling for crude to the most since August. Bitcoin dipped below $ 8,000.

Monetary policy decisions are due in Australia, Russia, India, Brazil, Poland, Romania, the U. K., New Zealand, Serbia, Peru, and the Philippines. Earnings season continues with reports from Bristol- Myers Squibb, Ryanair, Toyota Motor Corp., BNP Paribas, BP, General Motors, Walt Disney, SoftBank, Sanofi, Philip Morris, Total, Tesla, Rio Tinto, L'Oreal and Twitter. Dallas Fed President Robert Kaplan and New York Fed President William Dudley are among policy officials due to speak in Frankfurt and New York.

The Stoxx Europe 600 Index dipped 1.1 percent as of 10: 31 a. m. London time, hitting the lowest in almost 12 weeks with its sixth consecutive decline. The MSCI World Index of developed countries decreased 0.4 percent, reaching the lowest in almost four weeks on its sixth consecutive decline. The MSCI Asia Pacific Index sank 1.4 percent to the lowest in a month on the largest tumble in almost 14 months. Japan's Nikkei 225 Stock Average sank 2.5 percent to the lowest in more than seven weeks on the biggest tumble in 15 months. The MSCI Emerging Market Index sank 1.1 percent to the lowest in three weeks. The U. K.' s FTSE 100 Index decreased 1.1 percent, reaching the lowest in two months on its fifth consecutive decline and the biggest dip in six months. Futures on the S& P 500 Index fell 0.3 percent to the lowest in four weeks.

The Bloomberg Dollar Spot Index dipped 0.1 percent. The euro climbed less than 0.05 percent to $ 1.2467. The British pound fell less than 0.05 percent to $ 1.4116, the weakest in a week. The Japanese yen advanced 0.3 percent to 109.83 per dollar, the largest gain in more than a week.

The yield on 10- year Treasuries climbed one basis point to 2.85 percent, the highest in about four years. Germany's 10- year yield declined three basis points to 0.74 percent, the largest decrease in almost six weeks. Britain's 10- year yield fell one basis point to 1.571 percent, the first retreat in almost two weeks and the biggest drop in almost three weeks.

West Texas Intermediate crude decreased 0.3 percent to $ 65.26 a barrel. Gold climbed 0.3 percent to $ 1,337.01 an ounce.