US stocks were set to open lower as Japanese stocks tumbled to 26-year lows and European markets fell heavily in chaotic trade.
Little that officials said could convince panicky investors that governments can stem the fast-spreading crisis that is menacing financial markets, economic growth and company earnings.
The yen continued to gain even after Group of Seven finance ministers on Monday singled out the excessive volatility of the currency, which is battering Japanese share prices.
European shares slumped early Monday, tracking big losses in Asia as intensified fears of a global recession hit banks and energy shares.
Banks took the most points off the European index. HSBC, BNP Paribas, Societe Generale and Banco Santander were down between 5.3-12.7 percent.
"We are wallowing around in the sea of unknown. Until the capital market situation is eased and the money comes out of governments into the banking system we are not going to see anything different. Recession remains on everyone's lips and is the top concern," said Howard Wheeldon, strategist at BGC Partners.
Energy shares were also lower. Crude fell by 3.5 percent as an emergency production cut by OPEC was shrugged off by traders anxious about the onset of a deep global recession.
"The outlook in terms of growth and exports remains shaky, so it's hard to make a case for any sustained EM (emerging markets) rally for now," said Win Thin, a senior currency strategist at Brown Brothers Harriman in an email to clients.