BNP Paribas SA, France's biggest bank, and Credit Suisse Group AG slumped more than 6 percent. BHP Billiton Ltd. dropped 3.3 percent as Macquarie Group Ltd. cut its 2009 profit forecast for the world's largest mining company by 31 percent. Wellstream Holdings Plc, the U.K. oil-services company, sank 25 percent after saying it's ``more cautious'' on its 2009 outlook.
The MSCI World Index lost 0.9 percent to 851.45 at 12:10 p.m. in London with nine of the 10 industry groups in the index decreasing. The MSCI Emerging Markets Index slipped 3.3 percent, sliding to a three-week low, led by Russia's OAO Gazprom and Jiangxi Copper Co. of China.
Europe's Dow Jones Stoxx 600 Index retreated 1.7 percent. ERG SpA declined as Morgan Stanley recommended selling Italy's biggest exporter of oil products, and Burberry Group Plc dropped after the retailer slashed its forecast. The MSCI Asia Pacific Index slipped 3 percent.
Futures on the Standard & Poor's 500 Index fell 1.6 percent. The S&P 500 is poised to extend this year's 42 percent decline after a rally from last week's five-year low lasted just one day, say analysts who study charts of trading patterns.
Losses in emerging markets were bigger than developed nations today as increasing signs the credit crisis will drag down the global economy weighed on commodity prices. China's CSI 300 Index tumbled 7.3 percent, and Russia's RTS Index sank 5 percent, with basic-resources stocks leading declines.