World stock markets fell on Monday, with European shares slipping into losing territory for the year in another tremor over the credit crunch, while Japan's yen gained as investors cut back on their riskier holdings.
Wall Street also looked set for a poor start.
Oil was up but below $95 a barrel following a weekend OPEC meeting that was notable for a demand by anti-U.S. hardliners Iran and Venezuela for action to offset the falling value of their dollar-denominated revenues.
Goldman Sachs, meanwhile, added Citigroup to its sell list, citing more credit losses at the No. 1 U.S. bank.
A lot of investors had hoped there was a bottom in terms of the writedowns, but this quarter hasn't shown there is a bottom, said Rick Meckler of LibertyView Capital Management.
MSCI's main world index was down 0.4 percent and its emerging market counterpart was off 0.7 percent.
Emerging market shares have lost 6.8 percent this month and fund tracker EPFR Global said that investors redeemed money from emerging market equity funds for the first time in 11 weeks in the week ended November 14.
Until recently emerging market equities have tended to be less affected by the credit crunch and its related market corrections than other assets. They are up 35 percent this year.
Shares in Europe sank below their start-of-the-year level. The FTSEurofirst index of top European shares was down 0.8 percent.
Markets are in a depressive mood, said Justin Urquhart Stewart of 7 Investment Management.
Earlier in Japan Tokyo's Nikkei average ended down 0.74 percent at 15,042.56. The broader TOPIX index lost 1.02 percent to 1,456.61.
CURRENCIES, OIL, BONDS
The yen strengthened and the dollar edged up with traders taking direction from equity markets and seeking policymakers' comments from a Group of 20 meeting in South Africa.
The dollar was down 0.6 percent against the yen at 110.29 yen, inching back towards an 18-month low of 109.12 yen hit last week. The euro was down 0.8 percent against the yen at 161.39 yen and off 0.2 percent against the dollar at $1.4630.
The dollar index, a measure of its value against six major counterparts, was up 0.14 percent on the day at 75.90.
Oil was off earlier highs with U.S. light crude for January delivery up 68 cents at $94.54 a barrel.
An OPEC heads of state summit in Riyadh ended on Sunday without signaling whether the producer group would agree to pump more oil at its December 5 policy meeting, although members renewed their pledge to provide adequate supplies to consumers.
Iran's President Mahmoud Ahmadinejad was quoted as saying that the market price of fossil fuel energy, including oil, was still below its real price.
Euro zone government bonds were higher with investors looking ahead to minutes later in the week from the last U.S. and UK central bank meetings for clues on potential rate cuts.
The 10-year Bund yield was down 4.1 basis points at 4.085 percent.