Yesterday US stocks closed lower for a third session as weaker-than-expected economic and earnings reports and worries about

Europe's debt problems continued to drive investors out of equities and into perceived safer havens, including Treasuries and the U.S. dollar.

This morning European stock futures are falling for a fourth day and Asian government bond yields dropped to record lows on concern China’s economic slowdown will weigh on global growth. Both the macro and micro calendars disappointed.