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 The concerns weighed heavily on stock markets overseas, with Asian markets showing the steepest declines. Japan's Nikkei stock average fell 1.50 percent, while Hong Kong's Hang Seng index fell 5.01 percent. In Europe, Britain's FTSE 100 fell 1.38 percent, Germany's DAX index shed 0.63, and France's CAC-40 declined 0.97 percent.
Dow Jones industrial average futures fell 112, or 0.82 percent, to 13,530. Standard & Poor's 500 index futures fell 13.80, or 0.91 percent, to 1,503.80. Nasdaq 100 index futures lost 19.50, or 0.88 percent, to 2,204.00.
Bonds rose, with the yield on the benchmark 10-year Treasury note falling to 4.29 percent from 4.32 percent late Friday.
The decline in stock market futures and the unease over Citi's debt follows the widely expected decision by Charles Prince to resign as the company's chairman and chief executive at an emergency meeting of its board Sunday.
In addition to concerns about debt, political uncertainty over a weekend decision by Pakistan President Gen. Pervez Musharraf to suspended the constitution helped shore up some support for the U.S. dollar as investors sought safety. The dollar rose against most other major currencies, while gold prices fell.
Light, sweet crude fell to $1.43 to $94.50 per barrel in premarket electronic trading on the New York Mercantile Exchange.
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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]
Copyright 2007 The Associated Press. All rights reserved. This
material may not be published, broadcast, rewritten or
redistributed.
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