Glencore leads global markets down

Markets fell sharply on Monday.

The global market rout was led by a 29 percent plunge in the stock price of commodity trader Glencore, which pushed the Bloomberg World Mining Index to its lowest level in almost seven years.

The MSCI All-Country World Index fell 2.1 percent to its lowest level in two years. The S&P 500 fell 2.6 percent, bringing it just 0.8 percent away from its low from last month. The Stoxx Europe 600 fell 2.2 percent.

While stocks fell, government bonds rose. US 10-year Treasury yiels fell seven basis points to 2.10 percent while German 10-year bund yields fell six basis points to 0.59 percent.

In other markets, West Texas Intermediate crude futures fell 2.8 percent while the yen strengthened against all 16 of its major peers.