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 The announcement by BNP Paribas sent European stock markets lower and stirred concerns that problems among subprime borrowers, those with weak credit, would further roil Wall Street, which has managed a rally this week. Investors have seen wide swings in stocks as investors have worried about not only subprime markets but also about the tightening of credit.
Dow Jones industrial average futures expiring in September fell 93, or 0.68 percent, to 13,613. Standard & Poor's 500 futures fell 13.70, or 0.91 percent, to 1,490.50. Nasdaq 100 futures fell 9.00, or 0.45 percent, to 1,990.25.
The dollar was mixed against other major currencies, while gold prices fell.
Overseas, Britain's FTSE 100 fell 1.11 percent, Germany's DAX index fell 1.40 percent, and France's CAC-40 fell 1.67 percent. Japan's Nikkei stock average rose 0.83 percent, Hong Kong's Hang Seng index fell 0.43 percent. The often volatile Shanghai Composite Index rose 1.95 percent.
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American International Group Inc., one of the world's largest insurers, said Wednesday its second-quarter profit jumped 34 percent amid growth in its general and life insurance businesses and its asset management group. The company said it remains "comfortable" with its exposure to the U.S. residential mortgage market.
Investors are also awaiting results from Internet telephone company Vonage Holdings Corp., which is expected to post a second-quarter loss.
In economic news, the Commerce Department is scheduled to release data on June wholesale trade. Economists expect that wholesale inventories will show an increase.
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On the Net:
New York Stock Exchange: http://www.nyse.com/
Nasdaq Stock Market: http://www.nasdaq.com/
[Associated Press; by Tim Paradis]
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