IMF cuts global growth forecast

The International Monetary Fund has cut its global growth forecasts to 3.3 percent for this year and 3.6 percent for next year from 3.5 percent and 3.9 percent respectively in its July forecasts.

Monday's economic reports, though, were relatively encouraging.

In China, HSBC's services PMI rose to 54.3 in September from 52.0 in August.

In Germany, industrial production fell 0.5 percent in August but exports increased 2.4 percent.