Stock futures and a drop in oil prices in European trading suggest another losing day on the US stock exchanges as investors turned to bonds for safety. The Stoxx Europe 600 Index declined 1.8 percent at 8:25 a.m. in New York, while JapanÃ¢â‚¬â„¢s Nikkei 225 Stock Average entered a bear market. Standard & PoorÃ¢â‚¬â„¢s 500 Index futures sank 1.3 percent. Oil fell below $72 a barrel.
Ã¢â‚¬Å“Gloom and doom have taken hold of the markets,Ã¢â‚¬Â currency strategists led by Marc Chandler at Brown Brothers Harriman & Co. in New York wrote in a note to clients. Ã¢â‚¬Å“While economic prospects in the major countries appear to be on the slide, the yen continues to benefit.Ã¢â‚¬Â
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