Stocks across the globe fell the most in three weeks on Wednesday. US stocks dropped more than 1 per cent on Wednesday, dragged down by financial stocks, a day after JPMorgan signalled a rough first quarter and oil prices continued to fall. All 10 major S&P sectors were lower, led by the 1.8 percent decline in financials, already the worst performing sector this year. JP Morgan was down 2.3 percent at $54.81 after the bank forecast double-digit declines in investment banking revenue and raised its provisions for energy loan losses. The bank's warning weighed on other lenders, which are bracing for defaults from oil and gas companies and face the brunt of volatile financial markets.
In currency markets the yen, often sought by investors as a shelter when riskier assets are under pressure, hit an almost three-year high against the euro of 122.43 yen.
