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SINGAPORE (AP) - World stock markets tumbled Tuesday, extending Wall Street's sell-off as the sliding euro fueled a new wave of pessimism about the global economy's health.
Renewed worries about Europe's debt problems rattled already anxious investors, who grew more uncertain about the outlook for the U.S. and global economies.
May 25 (Bloomberg) -- U.S. stock futures fell, indicating the
Standard & Poor’s 500 Index may slip to 2010’s lowest level, as bank borrowing costs rose and a report said North Korean leader
Kim Jong Il ordered his military to prepare for combat.
Dow Jones Industrial Average futures retreated 213 points, or 2.1 percent, to
9,830.
“We’re back in uncharted territory,” said
Art Hogan, chief market analyst at New York-based Jefferies Group Inc.
“The troubles that we have are big enough to keep this
downtrend going for quite some time,” said
Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels. “Everybody realizes this is going to put
severe stress on economic growth. Tension between South and North Korea is another additional negative that is spooking markets.”
Energy and raw-materials producers sank on concern that demand will slow. Exxon slumped 2 percent to $59, while Alcoa slid 4.1 percent to $10.63.
Crude oil declined before a report forecast to show U.S. supplies are growing, while concern Europe’s debt crisis will spread prompted investors to sell riskier assets.
Crude oil for July delivery fell as much as 4.4 percent to $67.15 a barrel in New York. Copper, aluminum, nickel and zinc fell in London as investors shied away from risky assets on concern that Europe’s sovereign-debt crisis may spread and China might take more steps to cool its economy.
The Dollar Index, which measures the U.S. currency against the euro, yen, pound, Canadian dollar, Swedish krona and Swiss franc, climbed for a second day.