Global stocks drop on recession and central bank rate-rise worries

US and European stocks slid on Monday as the outlook for large global economies darkened and investors braced themselves for a central bank summit.

Wall Street’s broad S&P 500 dropped 1.2 per cent at the New York opening bell, after snapping a four-week winning streak on Friday. The technology-focused Nasdaq Composite gauge fell 1.5 per cent. In Europe, the regional Stoxx 600 lost 1 per cent, with Germany’s Dax tumbling 2 per…