LVMH and Hermes International lost more than 4 percent, leading declines among French luxury stocks and dragging the CAC 40 Index down 1.3 percent. Cartier owner Richemont sank 9 percent after reporting an unexpected drop in sales from the Americas.
The MSCI ACWI of stocks worldwide dipped 0.1 percent on Monday after surging 3 percent last week. Shares in mainland China were the worst performers in Asia. Bonds extended a rally as investors looked to hedge any downturn in stocks and the economy. The yield on the 10-year Treasury fell five basis points to 3.77 percent.
In other commodity markets, wheat futures jumped after Russia terminated a grain-export deal, jeopardizing a key trade route from Ukraine, one of the world’s top grain and vegetable oil shippers.