(RTTNews) - The major European index futures are pointing towards substantial weakness in the stock markets in Europe on Thursday. Global cues are weak, with U.S. stocks finishing sharply lower Wednesday on the back of some disappointing economic reports and the Asian markets plunging in early trade Thursday on recession fears. Crude oil fell for a third day on Thursday after a global stock plunge heightened concerns that bank bailouts will not prevent a recession and OPEC cut its 2009 oil demand forecast. The Brent North Sea crude futures were quoted at $69.60 a barrel, down $1.20, by 10:36 p.m. ET, after the contract for November settlement fell by $3.73 on Wednesday to $70.80 a barrel on the ICE Futures Europe exchange. The November contract will expire today. On Wednesday, U.S. stocks plunged after government data showed that retail sales fell much more than expected in September and Federal Reserve's Beige Book report showed weakening of economic activity in all regions of the country. Federal Reserve Chairman Ben Bernanke's comments before the Economic Club of New York that it will take some time to unfreeze the credit markets also added to the gloom. The Dow Jones industrial average fell 7.9% and the tech-dominated Nasdaq composite index lost 8.5%. In the Asia-Pacific region Thursday, Japan's Nikkei 225 index is plunging 9.6%, China's Shanghai Composite index is losing 3.2%, South Korea's KOSPI is giving away 7.2%, Hong Kong's Hang Seng is declining 7.0%, and Australia's All Ordinaries index is down 6.3%. The major economic reports scheduled for release in Europe include the Swiss retail sales report and the ZEW survey report and the Italian trade balance and current account data for August. Meanwhile in the U.S., traders await the release of the September CPI report, weekly jobless claims report and the results of the Philadelphia Fed's manufacturing survey. Traders may also focus on the Energy Department's report on U.S. crude oil stockpiles. The European markets fell for the first time in three days on Wednesday after U.S. retail sales plunged and UK's claimant count increased for the eighth consecutive month, raising concerns that the economies are slipping into a recession. The FTSEurofirst 300 index of top European shares plunged 6.5% to 903 and the narrower DJ Stoxx 50 index plummeted 6.6% to 2,249. In Europe, the U.K.'s FTSE 100 index dropped 7.2% to 4,079, France's CAC 40 index fell 6.8% to 3,381and Germany's DAX index lost 6.5% to 4,861. On the currency front, the euro weakened against the U.S. dollar, the British pound, and the Japanese yen. The euro fell to a six-day low of 133.42 against the yen and 1.3427 against the dollar. Against the pound, the euro dropped to 0.7780. The 15-nation currency closed Wednesday's European session at $1.3533, 0.7787 pound and 137.48 yen. In Europe, Accor may move ahead of the release of its third-quarter sales report. Electricite de France is likely to move after the world's biggest operator of nuclear reactors said that it would not make a new takeover offer for Constellation Energy Group due to difficult credit market conditions. E.ON may see some action after the company's CEO Wulf Bernotat reportedly said that it would not delay or cut investments because of the current financial crisis. Nokia is likely to move as the world's largest mobile phone maker is due to report its third-quarter earnings. Remy Cointreau is scheduled to report its first-half sales, while SKF is due to release its third quarter earnings. Stallergenes may rise after the drugmaker reported a 17% increase in third-quarter sales to EUR 34.2 million and raised its full-year revenue growth forecast to about 14%.

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