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Asia Stocks Down As Global Growth Woes Intensify

German Chancellor Angela Merkel is to visit Greece this week for the first time since the European debt crisis erupted. Merkel is unpopular in Greece because her government has been instrumental in pushing Athens to make austerity cuts in exchange for its bailout loans.

Benchmark oil for November delivery was down 40 cents to $89.47 per barrel in electronic trading on the New York Mercantile Exchange. The contract closed down $1.83 to $89.88 per barrel on the Nymex on Friday.

In currencies, the euro fell to $1.3000 from $1.3025 late Friday in New York. The yen rose to 78.66 yen from 78.69 yen.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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