Overnight Action: Global stocks resumed their recent selloff Wednesday as oil prices sank to a 12-year low and resurgent concerns about global growth snapped a brief bout of stabilization in financial markets. Shares in Asia and Europe were sharply lower and investors favored perceived havens such as the yen, gold and U.S. Treasurys. Analysts said investors were spooked by further declines in oil prices and a lack of stimulus announcements from Beijing in the wake of data released Tuesday showing slowing growth.
Tuesday’s rally failed to inspire any confidence that the equities market has put in a bottom.
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13:48 Wells Fargo Profit Falls 5.4% as Mortgage Revenue Declines24
13:16 Wells Fargo earnings: 96 cents per share, vs. expected EPS of $122