Stocks fall, China loans rise

Stocks lost further momentum on Wednesday.

In the US, the S&P 500 fell 1.1 percent, its second consecutive decline. The STOXX Europe 600 also declined for the second consecutive day, falling 0.5 percent on Wednesday.

The MSCI Asia Pacific Index fell 0.6 percent on Wednesday with China’s Shanghai Composite Index in particular falling 1.5 percent.

Chinese stocks fell despite data on Wednesday showing that credit growth in China accelerated in November.

The People's Bank of China reported that banks made 624.6 billion yuan of new local-currency loans in November, well above the previous month's 506.1 billion yuan.

Total social financing aggregate, a broad measure of liquidity in the economy, jumped to 1.23 trillion yuan in November from 856.4 billion yuan in October.

M2 money supply rose 14.2 percent last month from a year earlier.