Global stock markets fell on Monday as slowing factory activity in China and Europe added to worries about weaker global growth and Apple shares dropped, while the yen briefly hit a seven-year low after Moody’s cut its rating on Japan.

Oil prices rebounded after hitting five-year lows, lifted by data suggesting that tumbling prices may have started affecting drilling activity in the fast-growing U.S. shale oil industry.

On Wall Street, Apple shares dropped 2.7 percent and the stock was the most actively traded on Nasdaq. The cause of the decline was not yet clear. Shares of U.S. retailers declined after Thanksgiving weekend in-store sales failed to impress. The S&P 500 retail index .SPXRT was down 1.7 percent.

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