Global Stocks: U.S. stock indices fell

U.S. stock indices fell on Monday with energy companies leading declines as crude oil prices plunged.

The Dow Jones Industrial Average fell 117.12 points, or 0.7%, to 17,730.51. The S&P 500 lost 14.62 points, or 0.7%, to 2,077.07 (its energy sector fell 3.6%). The Nasdaq Composite declined 40.46 points, or 0.8% to 5,101.81.

According to the Federal Reserve Americans borrowed less in October. These data suggest that consumers were cautious ahead of the holiday season. Consumer credit rose by 5.5% in October compared to a 9.9% rise in September and a 5.1% gain in August.

Atlanta Federal Reserve Bank President Dennis Lockhart said in an interview with the Wall Street Journal published on Monday he was "ready for a decision to lift off." He added that Fed's economic targets, which determine the right time to raise rates, "have been substantially met". Most market participants expect the Federal Open Market Committee to raise rates later this month.

This morning in Asia Hong Kong Hang Seng fell 1.56%, or 346.32, to 21,856.90. China Shanghai Composite Index lost 0.92%, or 32.62, to 3.504.31. The Nikkei tumbled 1.01%, or 198.07, to 19,500.08.

Asian indices retreated amid declines in oil prices.

Japanese stocks climbed at the beginning of the session on revised GDP data, but followed the general trend and declined later. The Economic and Social Research Institute reported that the country's GDP rose by 0.3% q/q in the third quarter compared to -0.2% reported previously. The GDP rose by 1.0% on an annualized basis in line with expectations.

Chinese stocks were also weighed by the country's trade balance data. The trading surplus contracted to $54.1 billion in November from $61.64 billion reported previously. Economists had expected a surplus of $62.8 billion. Exports fell by 6.8% y/y, while imports declined by 8.7%. Economists had expected imports to fall by 12.6%.