Oil dropped by more than a dollar to below $127 a barrel yesterday, as traders weighed the threat to sustained demand from changes in fuel subsidies in Asia.
Economic growth in the Asia-Pacific region will slow to 3.7 percent year-on-year this year from 4.9 percent last year, while inflation will become a bigger concern, a major regional think-tank has forecast.
Bradford & Bingley Plc, the United Kingdom's largest lender to landlords, suffered its biggest drop in London trading after the company announced plans to sell shares at a 33 percent discount and said the housing market is worsening.
US Treasury Secretary Henry Paulson said it will take "months" before financial-market turmoil ends and that he "very strongly" supports a strong dollar.
European stocks fell for a third day, led by manufacturers, steelmakers and homebuilders on concern that rising oil prices will drag down corporate earnings. US index futures were mixed, while shares in Asia gained.
Vodafone Group Plc Chief Executive Officer Arun Sarin will step down and be replaced by his deputy Vittorio Colao after steering the world's largest mobile-phone company to a record profit.
Home prices in 20 US metropolitan areas fell in March by the most on record, pointing to continued weakness in the housing market that will further drag on the economy.
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