U.S. stocks fell for a sixth week, as fuel prices climbed to records and investors speculated Fannie Mae and Freddie Mac won't survive the mortgage crisis.
Stocks declined for a sixth week to their lowest in three years as oil surged to a record, fueling inflation, while companies from banks to retailers said a slowdown in economic growth is hurting earnings.
Asian markets were quite stable compared last week trend, again Shanghai Composite was the star performer amongst by an increase of almost 7% despite surging oil prices.
Oil prices zoomed to a record $147.50 this week and aluminium hit all time highs as many commodities were boosted amid ongoing tension over Iran's launch of test missiles, possible renewal of oil-related violence in Nigeria and a strike by Brazilian oil workers next week besides weak US currency. The struggling dollar boosts demand for dollar-priced raw materials which become cheaper for buyers using stronger currencies.