Global Stocks

European stocks sold off Friday, hobbled by sharp declines in bank and commodity shares, while investors flocked to the fixed-income market.

Bank stocks were under pressure as concerns about the industry's profitability returned to the fore. Bond yields hitting record lows world-wide highlighted those concerns On Wednesday, the European Central Bank started purchasing corporate bonds, although bank bonds are excluded from the program.

U.S. stocks closed lower Friday, with only blue chips holding onto slight gains for the week, as anxiety over a possible exit of the U.K. from the European Union and a drop in oil prices weighed on markets. The Dow Jones Industrial Average DJIA, -0.67% fell 119.85 points, or 0.7%, to close at 17,865.34, for a weekly gain of 0.3%. The S&P 500 Index SPX, -0.92% declined 19.41 points, or 0.9%, to finish at 2,096.07, for a loss of 0.2% on the week. The Nasdaq Composite Index COMP, -1.29% dropped 64.07 points, or 1.3%, to close at 4,894.55, for a weekly loss of 1%. Oil futures CLN6, -1.32% slipped back below $50 a barrel, settling down 3% at $49.07.

June 13 Japanese stocks stumbled to a five-week low on Monday as Brexit woes sapped risk appetite and hit equities globally.

Continuing strength in the safe-haven yen, which advanced to a one-month high versus the dollar and reached a three-year peak against the euro, added further pressure on Tokyo equities.

Global risk assets have taken a beating on growing concerns a referendum next week could push Britain out of the European Union and hurt the global economy.

Volatility is expected to remain high with the Federal Reserve and Bank of Japan holding policy meetings later this week.

Exporters suffered losses on the appreciating yen.

Panasonic Corp fell 4.4 percent, Toshiba Corp lost 5.4 percent, and Advantest Corp dropped 3.4 percent. Toyota Motor Corp and Nissan Motor Co Ltd each shed 3.2 percent.