European Stocks Drop Amidst Global Uncertainty and Mixed Economic Data

US stocks, as well as equities in Europe and Asia, fell amid growing pessimism over the global outlook. The S&P 500 fell 0.9% as debt-limit talks hit a fresh impasse, raising the risk of a US default and possible recession. Luxury stocks including LVMH and Gucci owner Kering SA extended losses. Chipmaker Analog Devices Inc. slid after a weak outlook on economic uncertainty. Yields on short-dated Treasuries continued to push higher Wednesday, with investors demanding a higher premium on US debt with the highest risk of default.