Stocks fall in Europe, Asia

Stocks in Europe and Asia fell yesterday for the first time in three days and US index futures tumbled after Federal Reserve Bank of San Francisco President Janet Yellen said the United States is already in a recession.

BHP Billiton Ltd dropped 11 percent as copper retreated and concern deepened that $2 trillion in funds for banks won't be enough to stave off a global economic contraction. Siemens AG, Europe's biggest engineering company, sank 5.4 percent. ASML Holding NV tumbled 6.4 percent after the region's largest maker of semiconductor equipment forecast shipments that fell short of analysts' estimates.

The MSCI World Index lost 1.1 percent to 1,011.54 at 10:32 am in London, following the biggest two-day rally on record. Futures on the Standard & Poor's 500 Index slipped 1.6 percent before reports that will probably show retail sales dropped and manufacturing in New York shrank.