News out of Europe also unnerved markets. Leaders warned that unemployment could remain high for years, and the European Commission cut its forecasts for the region's economic growth through 2013. German industrial orders fell by more than expected in September, portending possible tough times ahead for Europe's largest economy.Debt- and recession-mired Greece took a step forward with parliament's passage of an austerity bill that will further slash pensions and salaries.
Asia Stocks Sink As US Faces Fiscal Crunch
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