Stock markets around the world edged lower yesterday while United States treasuries prices rose as investors favoured safer investments amid a range of uncertainties, while the US dollar surged and oil prices steadied after the previous day’s session.

Investors have been unnerved by a range of issues in recent days, including some disappointing earnings reports, worries about global growth, a spat between Italy and the European Union over Italy’s budget, uncertainty over Brexit and criticism of oil power Saudi Arabia over the killing of a journalist.

The Dow Jones Industrial Average fell 258.81 points, or 1.03 per cent, to 24,932.62, the S&P 500 lost 33.48 points, or 1.22 per cent, to 2,707.21 and the Nasdaq Composite dropped 124.36 points, or 1.67 per cent, to 7,313.18. The pan-European STOXX 600 index lost 0.21 per cent, failing to maintain gains from earlier in the session.

MSCI’s gauge of stock markets across the globe shed 0.96 per cent. Yesterday, the index closed more than 11 per cent below its January record close.

Oil rose towards $77 a barrel after hitting a two-month low as a strong drawdown in US gasoline and diesel inventories augured for a coming seasonal rebound in refining demand.

US crude rose 0.9 per cent to $67.03 per barrel and Brent was last at $76.65, up 0.27 per cent on the day.

In currencies, the euro fell 0.6 per cent against the dollar to its lowest since August, on PMI data showing business growth in the euro zone decelerated faster than expected due to waning orders.

The dollar index  rose 0.44 per cent, with the euro down 0.68 per cent to $1.1391.

US gold futures fell 0.32 per cent to $1,232.80 an ounce as the dollar firmed and speculators locked in profit from a more than three-month peak hit.