Global economic misery spread on Thursday with the Federal Reserve predicting U.S. recession well into 2009, Japan's exports to Asia falling for the first time in six years and another sharp sell-off on global equity markets.

World stocks dropped to 5-1/2 year lows and oil hit 22-month troughs as investors reacted to dire Federal Reserve warnings on the economy and fears about the viability of major U.S. auto makers and bank giant Citigroup.

Oil fell for a fifth straight session to approach $50 a barrel on Thursday as the fallout from the credit crisis hits the global economy, hitting demand for fuel.

Chinese shares joined the global sell-off Thursday but gains in property developers and gold miners provided a floor for the market, partly offsetting losses in banks and insurers.

World stock markets tumbled Thursday, with benchmarks in Tokyo and Seoul losing almost 7 percent each, after recession fears sent Wall Street plunging and Japan suffered its biggest drop in exports in seven years.

HOUSTON----FMC Technologies Inc. , acting through its wholly owned subsidiary, FMC Kongsberg Holdings AS, and with the assistance of DnB NOR Markets, has acquired 25,000,000 shares in Roxar ASA, representing 10.26% of Roxar’s outstanding share capital.

U.S. crude oil fell more than $1 a barrel on Thursday, a fifth session of falls, after U.S. crude stocks climbed twice as much as expected, signaling an economic downturn is eating into fuel demand.

Oil prices fell below $53 to almost a two-year low Thursday in Asia as investors, egged on by plummeting stock markets, priced in lower crude demand from a global economic downturn that's shaping up as the worst in decades.

STOCKHOLM, Sweden----Regulatory News:

ZURICH, Switzerland----ALTER ENERGY GROUP AG announces the the signing of the Binding Letter of Intent to construct and own 5 new hydro electric power stations in Ivano-Frankovsk, Carpathian region, Ukraine.

Japan's exports to Asia fell in October for the first time since 2002, showing that the fallout from the credit crisis has spread to neighbors such as China and adding momentum to investors' flight to the safety of cash.

A 6 percent fall in Asia pushed world stocks to their lowest in 5- years on Thursday, while oil fell below $53 and safe havens such as the yen gained on fears the global recession and a financial crisis will get uglier.

A rout in Asia pushed world stocks to their lowest in 5- years on Thursday, while oil fell to below $53 a barrel and safe havens such as the yen gained as economic data indicated a global recession could get even uglier.

Japan's exports to Asia fell in October for the first time since 2002, showing that the fallout from the credit crisis has spread to neighbors such as China and adding momentum to investors' flight to the safety of cash.

Asian stock markets tumbled Thursday, with benchmarks in Japan and Hong Kong both losing more than 5 percent, after fears of a protracted recession sent Wall Street plunging to it lowest point in five years.

Vietnam has opened a new oil field that will boost national crude oil output by 21 percent by the end of this year, officials said.

Oil prices fell below $53 to almost a two-year low Thursday in Asia as investors, egged on by plummeting stock markets, priced in lower crude demand from a global economic downturn that's shaping up as the worst in decades.

Asian stock markets tumbled Thursday, with Japan's main index losing nearly 5 percent, after fears of a protracted recession sent Wall Street plunging to it lowest point in five years.

Oil prices fell below $53 to almost a two-year low Thursday in Asia as investors, egged on by plummeting stock markets, priced in lower crude demand from a global economic downturn that's shaping up as the worst in decades.

Oil prices fell below $53 to almost a two-year low Thursday in Asia as investors, egged on by plummeting stock markets, priced in lower crude demand from a global economic downturn that's shaping up as the worst in decades.