FROM MORRISON SECURITIES PTY. LTD:

U.S. STOCK MARKETS

U.S. stocks joined a global selloff as weak euro-zone economic data and French and Dutch political uncertainty underscored worries about the region's debts. The Dow Jones Industrial Average slid 102.09 points, or 0.78%, to 12927.17.

The Standard & Poor's 500-stock index shed 11.59 points, or 0.84%, to 1366.94, as all 10 of its sectors fell. The Nasdaq Composite dropped 30.00 points, or 1.00%, to 2970.45.

European markets fell sharply as data showed that business activity in the euro zone's private sector contracted the most in five months in April, and given political developments that could steer France and the Netherlands away from budget-cutting plans.

Wal-Mart fell 4.7% to $59.54, its biggest percentage drop since January 2009 and accounting for more than a fifth of the Dow's point decline, after bribery allegations in Mexico prompted fears of legal risks ahead.

Kellogg tumbled 6.1% to 50.70 after the cereal and snacks maker lowered its full-year profit and sales outlook, saying its first-quarter results were weaker than expected.

In other corporate news, Facebook agreed to pay Microsoft $550 million for 650 patents and patent applications, as well as licenses to additional intellectual property. The assets are part of a patent trove that AOL agreed to sell to Microsoft for $1.06 billion earlier this month.

Microsoft dropped 0.9% to 32.12. First Solar slid 6.8% to 19.25 after Maxim Group analysts recommended selling the shares, saying the solar panel supplier's competitive advantage has evaporated amid a decline in polysilicon prices.

EUROPEAN STOCK MARKETS

European stock markets fell Monday as political uncertainty in two key euro-zone countries, France and the Netherlands, pushed investors into the traditional haven of German government bonds.

The Stoxx Europe 600 index sank 2.3% to 251.75, its lowest close since mid-January. By contrast, the yield on 10-year German Bunds fell to a record low of 1.55% as investors flocked to safety. French stocks slid into the red for the year as the CAC 40 index dropped 2.8% to 3098.37.

Investors sold following Sunday's first-round presidential election. Socialist candidate Francois Hollande, who is seen as less committed to fiscal austerity than President Nicolas Sarkozy is, took first place in the contest. The two candidates will face each other in a runoff election on May 6.

Credit Agricole lost 4.5%, BNP Paribas fell 4.1% and Societe Generale SA dropped 3.9%. Oil company Total declined 2.4% as investors responded to a drop in oil prices.

Germany's DAX 30 index fared even worse, tumbling 3.4% to 6523.00. A preliminary reading of the country's manufacturing purchasing managers' index showed business activity contracted at the fastest level since 2009, according to Markit.

Car makers fell sharply in Germany. BMW fell 4.1% after sales chief Ian Robertson reportedly said at a press briefing in Beijing that sales growth in China will ease in coming months.

Daimler slid 4.2%. Adding further pressure, Dutch Prime Minister Mark Rutte and his cabinet resigned after budget talks fell apart over the weekend.

The development paves the way for early elections and led to speculation among investors that the nation might lose its AAA credit rating. The Amsterdam AEX index plunged 2.6% to 301.27.

Insurance firms Aegon and ING Groep fell 6.7% and 6.1%, respectively. In the U.K., the FTSE 100 index ended 1.85% lower at 5665.57. Stocks in fiscally weaker European countries declined as well. Spain's IBEX 35 was off 2.8% at 6846.60, while Italy's FTSE MIB tumbled 3.8% to 13849.55.

ASIA-PACIFIC STOCK MARKETS

Asian markets fell Monday after data showed Chinese manufacturing activity continued to contract in April, albeit at a smaller pace, with investors also wary ahead of key central bank meetings.

Hong Kong's Hang Seng Index dropped 1.8% to 20,624.39, China's Shanghai Composite fell 0.8% to 2,388.59, Japan's Nikkei Stock Average lost 0.2% to 9,542.17, South Korea's Kospi slipped 0.1% to 1,972.63 and Taiwan's Taiex shed 0.3% to 7,481.09.

Losses in some Asian markets such as Hong Kong accelerated as European markets tumbled in early trading Monday. Meanwhile, HSBC's preliminary or "flash" reading of China manufacturing Purchasing Managers' Index showed Monday that activity improved in April from March, but remained below the threshold of 50, indicating a contraction.

Chinese property developers and financials retreated in Hong Kong after the HSBC data and amid political worries concerning Europe.

China Overseas Land & Investment Ltd. lost 2% in Hong Kong. On mainland bourses, Poly Real Estate Group Co. dropped 1.6% in Shanghai and China Vanke Co. retreated 0.5% in Shenzhen.

Among financials, HSBC Holdings PLC dropped 1.8%, China Life Insurance Co. fell 2.8% and Ping An Insurance Group Co. gave up 3.3% in Hong Kong; in Shanghai, China Life shed 0.8% and Ping An lost 1.8%.

Shares of heavyweight China Mobile Ltd. lost 3% in Hong Kong, pulling back from the 52-week high hit Friday, after reporting only a modest increase in first-quarter profit. A number of stocks in the resource-sector also declined.

Many of these stocks were down before the HSBC PMI data, and failed to react to the modest April improvement. Inpex Corp. slipped 0.2% in Tokyo and Korea Zinc Co. gave up 1.1% in Seoul. Aluminum Corp. of China Ltd. fell 3.9% and Jiangxi Copper Co. lost 1.5% in Hong Kong; in Shanghai, they shed 1% and 1.3%, respectively.

COMMODITIES

Base metals closed lower on the London Metal Exchange Monday after a strong U.S. dollar and weak economic readings from China and the euro zone softened buying interest in the industrial commodities.

Data from China, the world's top copper consumer, showed its manufacturing sector continued to contract this month. Meanwhile, activity in the euro zone, another key consumer, contracted in April at the sharpest pace since November.

LME three-month copper finished the PM kerb at $8,045 a metric ton, down 1.8% on Friday's close. U.S. crude futures slumped Monday as political uncertainty in Europe coupled with disappointing data stung equities markets and signaled that falling oil demand is likely to continue.

Light, sweet crude for June delivery settled 77 cents, or 0.7%, lower at $103.11 a barrel on the New York Mercantile Exchange, after falling as low as $101.82 earlier in the session.

Brent crude oil on the ICE futures exchange ended 5 cents lower at $118.71 a barrel. Disappointing global economic data and anxiety about Europe's debt crisis drew investors to the safety of the U.S. dollar, denting demand for gold and pushing the precious metal to its lowest price in more than two weeks.

The most actively traded contract, for June delivery, fell $10.20, or 0.6%, to settle at $1,632.60 a troy ounce on the Comex division of the New York Mercantile Exchange. That's the lowest settlement price since April 5. Silver settled down 3.5% at $30.531 a troy ounce for the most-active May contract, the lowest price since Jan. 17.