Stocks in Europe and Asia retreated, sending the MSCI World Index to its fifth straight decline, on concern that deepening recessions in the US, UK and Japan will snuff out earnings growth. US index futures were little changed.

BP Plc and Royal Dutch Shell Plc, Europe's largest oil producers, lost more than 1 percent as crude fell below $39 a barrel. Bridgestone Corp, the world's biggest tiremaker by sales, slid 4.7 percent as the company cut earnings estimates and confidence among Japanese manufacturers slumped.

"In terms of the economy, 2009 and maybe even 2010 will be quite difficult," said Philippe Gijsels, a Brussels-based senior equity strategist at Fortis Global Markets, which has $62 billion under management. "Profits could get worse," he said.