SCOREBOARD: Sad sell-off

Global stocks fell as European bond yields hit two-year lows and Democrat tax plans stirred new concerns for US investors.

Take Europe, where the carnage began. Industrial production slumped in September, to be down 2.5 per cent, which is the biggest fall since 2009 (down 2.3 per cent annually). In addition to that, we saw some union organised protests in Portugal, Spain and Greece – over austerity naturally, and investors took flight (the major indices here were off 0.9 per cent on the Dax, and CaC and 1.1 per cent on the FTSE. About the only saving grace was that Italy had no trouble raising cash at a bond action.

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