Stocks in Europe, Asia continue decline

Stocks in Europe and Asia fell, sending the MSCI World Index lower for a fourth day, on concern the global recession is snuffing out profit growth and curbing demand for commodities. US index futures were little changed.

STMicroelectronics NV declined for a third day after UBS AG advised selling shares of Europe's largest computer-chip maker. UBS slid the most in a month after SonntagsZeitung said the Swiss bank will post an 8 billion-franc ($7.2 billion) loss for the fourth quarter. PetroChina Co retreated 3.9 percent as crude slumped for a fifth day.

The MSCI World Index fell 0.6 percent to 917.47 at 9:32 am in London. The index of 23 developed nations has lost 3.4 percent in the past four days as companies from Alcoa Inc to Intel Corp. spurred concern the profit outlook is worsening, while the unemployment rate in the US climbed to the highest in almost 16 years.