Futures Lame, Asia and Europe Down, Oil Sucking Too

Starucks crappy earnings and the Amex news brought futures down.

Fox Business: The Dow Jones Industrial Average Futures were down 149 points to 8738 as of 8:45 a.m. in New York, while the S&P 500 futures were down 15.50 points to 906.00 and the Nasdaq 100 futures were down 21.75 points to 1235.25.

Asia and Europe off, too, because of lousy profit outlook and decline in oil and metals.

Bloomberg: Europe’s Dow Jones Stoxx 600 Index declined 2.9 per cent with Erste Group Bank AG and BHP Billiton Ltd. losing at least 5 per cent. The MSCI Asia Pacific Index dropped 3.5 per cent as Australian business confidence fell to a record low.

Oil’s terrible.

Bloomberg: Crude oil fell below $60 a barrel amid speculation the International Energy Agency will lower its 2009 oil-demand forecast as slowing economic growth cuts fuel consumption.

…Crude oil for December delivery fell as much as $3.09, or 5 per cent, to $59.32 a barrel on the New York Mercantile Exchange. It was at $60.23 at 1:16 p.m. London time. Oil slumped 10 per cent last week as equities dropped, U.S. fuel stockpiles rose more than expected and the nation’s unemployment rate climbed to a 14-year high.

Prices, which have tumbled 59 per cent since reaching a record $147.27 on July 11, are down 36 per cent from a year ago. Yesterday, oil rose 2.2 per cent to $62.41 a barrel.

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